Andrew Garrett, Inc. Complaint & Legal Claims Center

Do you have a claim against Andrew Garrett?

Important Information You Should Know:

Andrew Garrett is a securities brokerage firm which is licensed by FINRA.
Firms licensed through the Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers (NASD), must comply with securities regulations and federal and state securities laws. When these firms violate regulations or laws they can face actions by regulators or by federal or state criminal prosecutors.

Very few “securities police” have the impossible duty to attempt to govern billions of dollars
in transactions each year, handled by hundreds of thousands of salespersons nationwide at thousands of securities firms. Approximately 660,000 registered salespersons at 5,300 securities firms handle hundreds of millions of transactions annually for over 60 million investors. It is impossible for securities regulators to police this activity.

Securities regulators and officials do not often recover losses for victims of securities fraud. Just as police give tickets and motorists usually hire attorneys to recover damages, victims of securities fraud hire attorneys to recover their losses. As well, claims against brokerage firms including Andrew Garrett, can be for securities fraud, or for breach of duty, breach of contract, negligence and other claims not covered by securities regulations or statutes.

Claims against brokerage firms are almost always determined in securities arbitration.
When an account is opened at securities firms including Andrew Garrett, investors sign documents which include agreements to arbitrate any dispute. The U.S. Supreme Court decided in 1987 that securities arbitration agreements are enforceable. Arbitration is a private proceeding which takes the place of court actions. Appeals of arbitration decisions to court are very limited and usually unsuccessful.

Investors represented by an attorney in securities arbitration are much more successful. Statistics prove that investors who file claims with the assistance of an attorney recover twice as often as those not represented. Only a small percentage of lawyers have ever represented an investor in arbitration and very few law firms nationwide have extensive experience with securities arbitration cases.

To learn whether you can recover losses through a claim against Andrew Garrett
Contact Shepherd Smith Edwards & Kantas LTD LLP law firm for a free consultation with an attorney.

About Shepherd Smith Edwards & Kantas LTD LLP Law Firm:

Our law firm represents institutional and individual investors nationwide who have lost a substantial portion of their retirement or other assets. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Several of our lawyers and staff members served for years as a Vice President or Compliance Officer of major brokerage firms.

Each lawyer and staff person at our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. We have handled thousands of cases against hundreds of large and small investment firms, including claims against firms such as Andrew Garrett.

Additional Information

Reporting Source: Regulator
Current Status: Final
Allegations: ANDREW GARRETT, INC. EMPLOYED AN UNREGISTERED AGENT, FAILED
TO PROMPTLY NOTIFY THE MISSOURI COMMISSIONER WHEN THE AGENT
BEGAN AND TERMINATED HIS CONNECTION WITH GARRETT, AND FAILED
TO REASONABLY SUPERVISE THE AGENT BY ESTABLISHING
PROCEDURES AND A SYSTEM FOR APPLYING SUCH PROCEDURES THAT
WOULD REASONABLY BE EXPECTED TO PREVENT AND DETECT, IN SO
FAR AS PRACTICABLE, ANY VIOLATIONS BY ITS AGENT.
Initiated By: MISSOURI
Principal Sanction(s)/Relief
Sought:
Other
Other Sanction(s)/Relief
Sought:
CONSENT ORDER
Date Initiated: 02/09/2006
Docket/Case Number: AP-06-01
Principal Product Type: No Product
Other Product Type(s):
Resolution Date: 02/09/2006
Sanctions Ordered: Monetary/Fine $9,500.00
Other Sanctions Ordered: GARRETT IS PROHIBITED FROM EMPLOYING AGENTS UNLESS REGISTERED OR EXEMPT, FAILING TO PROMPTLY AND TIMELY NOTIFY THE COMMISSIONER WHEN AN AGENT BEGINS OR TERMINATES A CONNECTION WITH THE FIRM, AND FAILING TO REASONABLY SUPERVISE ITS AGENTS; GARRETT WILL SUBMIT SUPERVISORY AND COMPLIANCE PROCEDURES THAT MEET OR EXCEED THE DIVISION'S REQUIREMENTS; WILL PAY A $5,000 CIVIL PENALTY; AND WILL PAY $4,500 TO THE INVESTOR EDUCATION AND PROTECTION FUND.
Sanction Details: GARRETT IS PROHIBITED FROM EMPLOYING AGENTS UNLESS REGISTERED OR EXEMPT, FAILING TO PROMPTLY AND TIMELY NOTIFY THE COMMISSIONER WHEN AN AGENT BEGINS OR TERMINATES A CONNECTION WITH THE FIRM, AND FAILING TO REASONABLY SUPERVISE ITS AGENTS; GARRETT WILL SUBMIT SUPERVISORY AND COMPLIANCE PROCEDURES THAT MEET OR EXCEED THE DIVISION'S REQUIREMENTS; WILL PAY A $5,000 CIVIL PENALTY; AND WILL PAY $4,500 TO THE INVESTOR EDUCATION AND PROTECTION FUND.


Firms Fined
Andrew Garrett, Inc. (CRD #29931, New York, New York) submitted a Letter of Acceptance, Waiver and Consent in which it was censured and fined $17,500, of which $7,500 was imposed jointly and severally with an individual. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it conducted a securities business when its net capital fell below the minimum amount required under SEC Rule 15c3-1. The findings stated that the firm, acting through an individual, prepared inaccurate net capital computations. (NASD Case #E1020050019-01)

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