James Floyd Garraway III (also known as Trey Garraway), of Hattiesburg, Mississippi, a stockbroker registered with Thrivent Investment Management Inc., has been fined $5,000.00 and suspended for six months by FINRA because Garraway placed false customer signatures on account documents during the time that he was associated with Thrivent Investment Management Inc. Letter of Acceptance, Waiver, and Consent No. 2022073783401 (July 26, 2023).
From September 2020 to November 2021, Garraway signed about 102 digital forms for around 57 of his customers. At least one customer allowed Garraway to sign a form on their behalf, according to the regulator. However, Garraway signed the other 101 forms without the customers’ approval. Garraway was aware that it was against Thrivent’s rules to sign the customer’s name, even if the customer knew about it and agreed to it. Most of these documents were related to insurance products, but a few concerned variable universal life policies, variable annuities, mutual funds, and other securities.
By falsifying or forging customer signatures, Garraway violated FINRA Rule 2010. He also violated FINRA Rules 2010 and 4511 by causing Thrivent to keep inaccurate records and books.
Garraway was registered with Thrivent Investment Management Inc. as a stockbroker from November 15, 2019, to January 12, 2022. Garraway was discharged by Thrivent Investment Management Inc. on December 20, 2021, based upon allegations that he failed to comply with the firm’s instructions of obtaining real customer signatures for customer account documents.
