Michael David Garris of Los Angeles California a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been fined $5,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Garris effected trades in the account of a Wells Fargo customer who was deceased. Letter of Acceptance Waiver and Consent No. 2018059146801 (July 22, 2019).
According to the AWC, in 2014, Garris started servicing two accounts which a customer held through Wells Fargo. Apparently, the customer died in February of 2017 and Garris was provided information about the customer’s death. Later, the customer’s nephew and Garris corresponded by telephone and e-mail in regard to the customer’s account. The AWC stated that at no point did Garris inform Wells Fargo that the customer had died; conduct violative of the firm’s procedures.
Evidently, between October of 2017 and November of 2017, twenty-six transactions had been executed in the customer’s account by Garris on an unauthorized basis. Those transactions, which involved $381,452.98 in purchases or sales, produced commissions of $9,313.07. FINRA found Garris’ conduct to be violative of FINRA Rule 2010.
FINRA Public Disclosure confirms that Garris has been identified in two customer initiated investment related disputes which pertain to accusations of his misconduct during the time that he was employed by Salomon Smith Barney. Specifically, a customer filed an investment related complaint concerning Garris’ activities in which the customer sought unspecified damages supported by allegations that when Garris was associated with Salomon Smith Barney, unauthorized trades were effected in the customer’s account; common or preferred stock and over-the-counter equities failed to be suitable for the customer; and false or misleading statements had been made concerning trades.
Thereafter, a customer filed an investment related complaint in regards to Garris’ conduct where the customer requested unspecified damages founded on accusations that Garris engaged in disingenuous activities relating to the stock and over-the-counter equities held in the customer’s account during the time that Garris was associated with Salomon Smith Barney.
Garris was discharged by Wells Fargo Clearing Services LLC on June 14, 2018 based upon allegations that trades were placed in a Wells Fargo customer’s account by Garris without authorization; conduct violative of the firm’s policy.
