Financial advisor Patrick Garrett barred from having any activity with FINRA regulated firms
The Financial Industry Regulatory Authority (FINRA) has taken steps to bar Patrick Garrett of Nashville, TN from any further activities with the securities industry after multiple, serious allegations of intentionally overstating client account values, which masked significant trading losses for that client.
According to his FINRA report, Garrett was dishonest about the amount in the client’s account, indicating that the balance was actually $200,000 higher than its actual value. He allegedly tried to rectify this discrepancy by misusing funds from a joint account held by a married couple.
He was also alleged to have bought shares of a company on behalf of this married couple at a price that was $3 more per share, causing these clients to lose $34,000. As part of this highly unethical activity, Garrett verbally overstated account values and falsified documents related to the trading activity and misused client funds.
Patrick Garrett was registered with the Nashville, TN branch of the Robert W. Baird & Company from June 2000 to February 2014. He has also been previously registered with Northwestern Mutual Investment Services, LLC (Milwaukee, WI), Suntrust Equitable Securities (Atlanta, GA) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (New York, NY). He is no longer registered with or allowed to have any activity with any FINRA regulated securities firm.
Trust, honesty and integrity are critical components in a relationship between a client and an investment broker. As a client, you must be able to trust that the information that you are being provided is accurate so that you can communicate about your financial goals in an informed way. Unfortunately, there are instances in which investment brokers and financial advisors take advantage of that trust and engage in fraudulent and unethical actions related to client investments.
Silver Law Group is a national securities and investment fraud law firm that specializes in cases where clients are victimized by unlawful and unethical activity committed by those in the securities industry. We help clients who have been taken advantage of recover financial losses. Our team has collectively recovered tens of millions of dollars in many high profile securities arbitration and investment fraud cases.
If you feel that you have lost money at the hands of Patrick Garrett or any trusted financial advisor, give the expert legal team at Silver Law Group a call at 1-800-975-4345 for a complimentary case review.