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Trey Garraway: Why Did FINRA Suspend Ex-Thrivent Advisor?

Hattiesburg, Mississippi financial advisor Trey Garraway (CRD# 7132872) was recently suspended in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the ex-Thrivent Investment Management broker is currently an investment advisor with Simplified Wealth Management.

Mr. Garraway’s BrokerCheck report discloses the recent FINRA sanction against him. Filed in July 2023, the sanction alleges that he “electronically signed customer names on approximately 101 forms associated with insurance and securities products” without authorization from the customers. FINRA also found that his action violated FINRA Rule 2010, which requires the observation of high standards of commercial honor and just and equitable principles of trade, as well as Rule 4511, which concerns the maintenance of accurate firm records. In connection with these findings, he was issued a six-month suspension and a fine of $5,000.

Another disclosure on Mr. Garraway’s BrokerCheck report describes his termination from Thrivent Investment Management. According to the disclosure, the firm fired him in December 2021 in connection with allegations he failed “to collect authentic client electronic signatures on certain client documents.”

In a statement included with the termination’s disclosure, he wrote in part: “In order to alleviate some client’s issues with certain tech advancements during the pandemic, I had the statement of good health documents on life insurance applications requiring client signature sent to myself.” He also wrote that he takes “full responsibility for [his] violation of this company policy.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Trey Garraway holds three years of securities industry experience. Based in Hattiesburg, Mississippi, he has been an investment advisor with Simplified Wealth Management since 2022. He was previously registered with Thrivent Investment Management in Hattiesburg, Virginia from 2019 until 2022. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Mississippi. (Information current as of July 25, 2023.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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