Erez Law is investigating claims regarding Mark Steven Garrison (CRD #1939534, Easley, South Carolina), also known as Steve Garrison. Garrison recently entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) in which he was assessed a deferred fine of $37,043.57 and suspended from association with any FINRA member in any capacity for 14 months. See FINRA Case #2012031996001. The suspension is in effect from July 21, 2014 through September 20, 2015. Garrison was registered with NYLIFE Securities, LLC, from April 1989 until his termination in April 2012.
During its investigation, FINRA found that from 2008 through 2011, Garrison participated in private securities transactions involving Atlantic Bullion and Coin, Inc. (“AB&C”) without notifying or obtaining the approval of NYLIFE. Through AB&C, investors purportedly purchased fractionalized interests in bulk silver transactions. In 2012, however, AB&C was revealed to be fraudulent, according to FINRA. FINRA also found that Garrison participated in sales of AB&C interests totaling approximately $864,375 to 28 investors, some of whom were customers of NYLIFE. FINRA further found that Garrison failed to adequately investigate the company’s silver program prior to recommending it to his customers, and that Garrison failed to adequately research or to understand the company’s purported investment strategy, including how it was able to significantly outperform the market for physical silver. As a result, Garrison lacked a reasonable basis for recommending an investment to his customers, according to FINRA. In entering into the AWC, Garrison neither admitted nor denied FINRA’s findings.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, NYLIFE may be liable for investment or other losses suffered by Chiampa’s customers.
If you were a client of Garrison or NYLIFE, and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”