- August 11, 2022
- TCFG Wealth Management
Janie Garza-Clark (CRD#: 1010752) is a previously registered Broker.
She entered the securities industry in 1982 and previously worked for TCFG Wealth Management, LLC; Sagepoint Financial, Inc.; Hornor, Townsend & Kent, Inc.; PML Securities Company; NYLife Securities, Inc.; and Mutual of Omaha Fund Management Company.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2022, FINRA sanctioned Janie Garza-Clark, barring her from all capacities, indefinitely, beginning April 25, 2022. The FINRA sanction states, “Without admitting or denying the findings, Garza-Clark consented to the sanction and to the entry of findings that she refused to appear for on-the-record testimony requested by FINRA. The findings stated that this matter originated from an investigation regarding Garza-Clark’s relationship with a former client, including her potential receipt of cash gifts from that client.”
For a copy of the FINRA sanction, click here
In addition, Janie Garza-Clark has been the subject of three customer complaints and two employment disclosures, including the following:
- June 2020 — “FINRA claim alleging sale by former registered representative of an unsuitable investment resulting in loss of $950,000. Causes of action are: Unsuitability; Fraud; Breach of Contract; Breach of Fiduciary Duty; Negligent Supervision, Violation of Arizona Consumer Fraud Act; Violation of Arizona Securities Act. It seeks unspecified actual and punitive damages, interest, costs and attorneys’ fees.” The customer dispute was settled for $290,000.
- May 2020 — “After a full internal investigation it was identified that the Registered Representative’s husband was the trustee of a client’s account established at her previous employment. The Representative accepted personal checks from a client and did not report it on her gift log per company policy.” Janie Garza-Clark was permitted to resign from TCFG Wealth Management, LLC.
- December 2015 — “The RR was terminated for failure to comply with the policies of the Firm and its parent insurance company, regarding: (1) accepting blank or incomplete forms and reusing client signatures on multiple forms; (2) handling and timely submission of applications, and prompt transmittal of checks and securities; (3) advertising and sales literature policies, including failing to submit advertising for approval; and (4) social media policies, including not submitting a LinkedIn account for monitoring.” Janie Garza-Clark was discharged by Hornor, Townsend & Kent, Inc.
- October 2015 — “Client alleges that nothing was explained regarding the transfer penalty and the nine year surrender charge. The client has requested to ‘free look’ the contract.” The customer dispute was settled for $290,549.
- March 2010 — “CLIENTS PURCHASED A VARIABLE ANNUITY THROUGH THE FIRM’S PARENT LIFE INSURANCE COMPANY IN JULY OF 2005. CLIENTS ALLEGE THAT THEY EXPECTED THAT THEY HAD PURCHASED A FIXED ANNUITY TO FUND A CHARITABLE REMAINDER ANNUITY TRUST WITH A PREDICTABLE INCOME AND THAT THEY THOUGHT THEY MADE IT CLEAR TO THE REGISTERED REPRESENTATIVE THAT THEY DID NOT WANT TO BUY A VARIABLE PRODUCT. CLIENTS FURTHER ALLEGE THAT THEY THOUGHT THE AMOUNT OF INCOME BEING TAKEN FROM THE ANNUITY WAS PREARRANGED AND WOULD NOT VARY, BUT NOW BELIEVE THAT THEY HAVE TAKEN MORE INCOME THAT WHAT WAS ALLOWED. CLIENTS ARE REQUESTING THAT THE PARENT LIFE INSURANCE COMPANY RESCIND THE CONTRACT AND REPLACE IT WITH A PRODUCT CONSISTENT WITH THEIR EXPECTATIONS FOR THE CRAT.” The customer dispute was denied.
For a copy of Janie Garza-Clark’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the financial advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment 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 email@example.com.