Securities Arbitration Lawyers BlogFINRA Bars Patrick Garrett Amid Allegations of Overstating Account Values
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.