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Janie Garza-Clark: $950K Complaint Against Barred Scottsdale Rep
A sanction against ex-TCFG Wealth Management stockbroker Janie Garza-Clark (CRD# 1010752) barred her from acting as a broker after she allegedly refused to provide testimony regarding her relationship with a former client. Financial Industry Regulatory Authority records show that the former Scottsdale, Arizona-based securities professional has also received a pending investor complaint alleging nearly $1 million in losses.
According to a Letter of Acceptance, Waiver and Consent (No. 2022073761401) issued in April 2022, FINRA sent Ms. Garza-Clark a request for on-the-record testimony on March 8, 2022. FINRA is empowered by Rule 8210(a) to require persons under its jurisdiction to provide testimony with respect to matters under its investigation. The AWC Letter states that Ms. Garza-Clark indicated via counsel on April 1, 2022 that she was in receipt of its request but would not appear for the requested testimony “at any time.” FINRA found that her refusal to provide the requested testimony constituted a violation of FINRA Rule 8210, which is also a violation of FINRA Rule 2010, which requires persons under FINRA jurisdiction to abide by high standards of commercial honor and just and equitable principles of trade. FINRA barred Ms. Garza-Clark from associating with any FINRA member firm in any capacity.
Ms. Garza-Clark’s BrokerCheck report discloses a pending investor complaint against her, as well as an investor complaint that reached settlement. Filed in 2020, the most recent complaint alleges that as a representative of Hornor Townsend & Kent, she made an unsuitable investment recommendation, breached contract, breached her fiduciary duty, was negligent in her supervisory duties, violated the Arizona Consumer Fraud Act, and Violated the Arizona Securities Act. The pending complaint alleges damages of $950,000.
A previous complaint, filed in 2015, alleged that as a representative of Hornor Townsend & Kent, she did not explain the transfer penalty and surrender charge associated with a variable annuity investment. The complaint reached a settlement of $290,549.
According to her BrokerCheck report, Ms. Garza-Clark was “permitted to resign” from TCFG Wealth Management in May 2020 following an internal investigation that “identified that the Registered Representatives husband was the trustee of a clients account established at her previous employment.” The resignation’s disclosure on her BrokerCheck report states further that she “accepted personal checks from a client and did not report it on her gift log per company policy.” She was previously terminated from Hornor Townsend & Kent, in December 2015, following allegations she reused client signatures on forms, failed to submit advertising materials for approval, and failed to follow firm policy regarding the prompt transmittal of checks and securities.
According to the Financial Industry Regulatory Authority, Janie Garza-Clark holds 36 years of securities industry experience. She has been barred from acting as a broker or otherwise associating with a broker-dealer firm. Her most recent registration was with TCFG Wealth Management in Scottsdale, Arizona, where she was registered from 2017 until 2020. Her past registrations include SagePoint Financial (Scottsdale, Arizona; 2016-2017), Hornor Townsend & Kent (Scottsdale, Arizona; 1993-2015), PML Securities Company (Newark, Delaware; 1992-1993), NYLife Securities (New York, New York; 1989-1992), and Mutual of Omaha Fund Management Company. Her credentials include the passage of three securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. She does not hold any active state licenses. (Information current as of April 29, 2022.)
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