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Ex-LPL Financial Broker Stanley Scott Garrison Cited for Undisclosed Business, False Compliance Questionnaires

FINRA fined and suspended former LPL Financial, LLC broker Stanley Scott Garrison of Bakersfield, California for failing to disclose an outside business activity and for providing false answers on compliance questionnaires.

AWC #2015046500801

Investigators found that Garrison (CRD #1126118) failed to disclose the outside business activity "SCMIS" to LPL; Garrison's updated BrokerCheck report lists "Sierra Capital Management" as Garrison's most recent outside business with a start date of August 2011, when Garrison started his involvement with financial planning. Garrison's file indicates that in 2013, Sierra Capital Management became his DBA entity; the AWC indicates that Garrison conducted insurance sales—including equity indexed annuities—through the SCMIS outside business, and that he "never" provided LPL with written notice of his involvement with SCMIS.

The related false answers charge reflects Garrison's misleading or false questionnaires submitted during his association with LPL in which Garrison falsely declared that he was not involved in any business activity outside of LPL and, furthermore, had not participated in any equity indexed annuity transactions (other than those processed through LPL), and had not received compensation outside of his LPL business.

Garrison's BrokerCheck report lists a settled customer dispute that alleged unfair and unlawful sales practices concerning unsuitable deferred fixed annuities and a much, much earlier customer's complaint from 1986 alleging unsuitability, which evolved into litigation that was ultimately settled in the Riverside Superior Court system.

If you have invested with Stanley Scott Garrison, formerly of LPL Financial in Bakersfield, CA, or with any representative or financial adviser whose failure to disclose an outside business activity—especially one involving compensation, commissions or a similar financial relationship—has posed a conflict of interest that has proven harmful to your investments or interests due to unsuitable recommendations or failure to prioritize client care, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.