Stoltmann Law Offices is investigating Paul D. Garnett, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to his AWC, Mr. Garnett participated in private security transactions and an outside business activity while employed with Edward Jones. This is commonly referred to as “selling away” and is when a broker recommends or sells a security that is not held or offered by his member firm. It is a tactic used by brokers to generate large commissions for themselves. Allegedly, from March 2013 until July 2013, Garnett organized a private placement for SFG, an entity that was formed to acquire an interest in SFI, a helicopter medical evacuation business. Garnett solicited Edward Jones customers to invest in the entity. He himself even invested $140,000 in two other private securities offerings. For this he was fined $40,000 and suspended from the industry for one year.
According to his FINRA BrokerCheck report, Garnett was registered with Edward Jones in Beatrice, Nebraska from November 1975 until July 2013 and Securities America Inc. in Beatrice from August 2013 until October 2015. He has one customer dispute against him. He is not licensed within the industry.
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