Barry Lee Garapedian of Westlake Village California a stockbroker currently registered with Morgan Stanley is referenced in a customer initiated investment related written complaint on April 1, 2018 in which the customer requested $713,000.00 in damages founded on allegations that (1) the customer’s assets were overconcentrated in speculative investments (2) closed end fund and exchange traded fund transactions were executed in the customer’s account that were not suitable for the customer and (3) fees were assessed to the customer on an excessive basis.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Garapedian has been referenced in thirteen more customer initiated investment related disputes pertaining to accusations of his wrongdoing during the time that he was employed by Citigroup Global Markets, Inc., Smith Barney Inc., Salomon Smith Barney, and Morgan Stanley Smith Barney. For example, a customer initiated investment related arbitration claim involving Garapedian’s activities was resolved for $100,000.00 in damages based upon allegations that omissions had been made to the customer concerning the risks that the customer could incur by investing in over-the-counter equities; margin was utilized to overconcentrate the customer’s assets in technology sector investments; the customer’s account was handled in a negligent manner; and equity transactions were effected in the customer’s account that were not suitable for the customer. National Association of Securities Dealers (NASD) Arbitration No. 02-02030 (Jan. 24, 2003).
Subsequently, a customer initiated investment related arbitration claim pertaining to Garapedian’s conduct was settled for $42,000.00 in damages supported by accusations that fiduciary and contractual duties were breached, equity transactions were executed in the customer’s account in a negligent manner and without supervision, and the customer was defrauded. NASD Arbitration No. 03-01165 (Aug. 31, 2004). On December 13, 2008, another customer initiated investment related complaint concerning Garapedian’s activities was resolved for $1,500,000.00 in damages founded on allegations of the failure to follow the customer’s instructions in reference to auction rate securities transactions placed in the customer’s account.
Further, Garapedian is the subject of a customer initiated investment related written complaint which settled for $125,000.00 in damages on November 5, 2008 based upon accusations of misrepresentation and suitability in regards to the customer’s auction rate securities holdings. Moreover, on September 2, 2015, a customer brought an investment related complaint involving Garapedian’s conduct where the customer sought $444,000.00 in damages based upon allegations that unsuitable unit investment trust recommendations had been made to the customer. Furthermore, a customer filed an investment related complaint pertaining to Garapedian’s conduct on October 5, 2017 in which the customer alleged that the customer was placed in exchange traded funds and variable annuity sub-accounts that were not suitable for the customer.
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