• July 31, 2023
• Financial Industry Regulatory Authority

James F. Garraway (CRD#: 7132872) is a previously registered Broker and an Investment Adviser.

Broker’s Background

He entered the securities industry in 2019 and previously worked for Thrivent Investment Management, Inc.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2023, FINRA sanctioned James F. Garraway with a civil/administrative fine of $5,000 and suspension from all capacities for six months beginning August 7, 2023 and ending February 6, 2024. The FINRA sanction states, “Without admitting or denying the findings, Garraway consented to the sanctions and to the entry of findings that he electronically signed customer names on approximately 101 forms associated with insurance and securities products without customer permission and signed a document for a customer with the customer’s permission. The findings stated that although the majority of the forms pertained to insurance products, some of the forms involved securities products and accordingly were required books and records of the firm. As a result, by forging and/or falsifying customer signatures, Garraway caused his member firm to maintain inaccurate books and records.”

For a copy of the FINRA sanction, click here.

In addition, James F. Garraway has been the subject of two customer complaints, including the following:

• July 2023 — Between September 2020 and November 2021, Garraway electronically signed customer names on approximately 101 forms associated with insurance and securities products without customer permission. He also signed one document for a customer with the customer’s permission. Therefore, he violated FINRA Rule 2010. His actions also caused firm records to be inaccurate. Therefore, Garraway also violated FINRA Rules 4511 and 2010.” James F. Garraway was sanctioned with a civil/administrative fine of $5,000 and suspended from all capacities for six months beginning July 18, 2023 and ending January 18, 2024. For a copy of the FINRA sanction, click here.
• December 2021 — “Garraway’s association with the Firm was terminated due to his failure to collect authentic client electronic signatures on certain client documents.” James F. Garraway was discharged by Thrivent Investment Management, Inc.

For a copy of James F. Garraway’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.

In addition, to the extent a Financial Advisor converts client assets during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.