William F. Garbarino, of Danbury, Connecticut, a stockbroker formerly registered with Lincoln Financial Advisors Corporation, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Garbarino’s consent to findings that he provided FINRA with false testimony concerning incomplete and unauthentic customer account documentation. Letter of Acceptance, Waiver and Consent, No. 2014043695702 (Sept. 13, 2017).
According to the AWC, Garbarino was involved in a May 2013 arbitration claim concerning unauthentic customer account documents having been purportedly provided to annuities companies by the staff that Garbarino supervised. Apparently, Garbarino falsely reported in the arbitration proceedings that there were authentic signatures provided by customers on change of broker forms, and that no forms were photocopied or otherwise altered improperly.
The AWC stated that the testimony Garbarino provided was false because he knew that the change in broker forms were procured by his own son, where documents were not completed by customers but had instead been completed by the firm’s staff. Moreover, FINRA stated that pages with customer signatures were photocopied and utilized to facilitate annuity transactions with the issuing insurance companies. FINRA found that Garbarino’s falsification of testimony was conduct violative of FINRA Rule 2010; he was barred by FINRA as a result.
FINRA Public Disclosure reveals that Garbarino was previously employed by Pruco Securities Inc., where he was subject of a customer initiated investment related complaint that settled for $13,210.00 in damages founded upon accusations that Garbarino inappropriately placed the customer’s funds in limited partnerships concentrated in energy sector, causing the customer to sustain investment losses.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
