Andrew Garrett Sued For Breach Of Fiduciary Duty

John Joseph Conroy of New York New York a stockbroker formerly associated with Andrew Garrett Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $118,000.00 in damages supported by allegations of breach of fiduciary duty and breach of contract by the stockbroker in regard to the stock transactions that he facilitated in the customer’s Andrew Garrett account which caused unwarranted investment losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02038 (July 29, 2019). According to the claim, the stockbroker was negligent and had defrauded the customer on equity transactions.

Conroy has been identified in five additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Andrew Garrett, Benson York Group and New Castle Financial Services. FINRA Public Disclosure reveals that a customer initiated investment related complaint in reference to Conroy’s conduct was resolved for $24,999.00 in damages based upon accusations that unauthorized over-the-counter equities transactions were effected in the customer’s Benson York Group account by someone under Conroy’s supervision.

Conroy is the subject of another customer initiated investment related arbitration claim in which the customer was awarded $320,000.00 in damages based on Conroy and Benson York Group being found liable on the customer’s claims of the customer’s account being churned and of deceptive trade practices being used on the customer. According to the claim, misrepresentations had been made by the stockbroker. The claim also alleges that a contract was breached and that state securities statues were violated.

Another customer initiated investment related arbitration claim concerning Conroy’s activities was resolved for $50,000.00 in damages founded on accusations of the failure to supervise on Conroy’s part. The claim also alleges that over-the-counter equities trades were executed in the account of the New Castle Financial Services customer on an unauthorized and unsuitable basis.

Conroy has also been identified in a customer initiated investment related arbitration claim which was resolved for $150,000.00 in damages founded on accusations that the customer’s account was churned and that the customer was charged excessive commissions. According to the claim, there was a failure to supervise equities trades executed in the customer’s account.  On May 1, 2017, another customer initiated investment related arbitration claim pertaining to Conroy’s conduct was settled for $7,000.00 in damages supported by allegations that Conroy made bad equity transactions in the customer’s Andrew Garrett account. FINRA Arbitration No. 17-00728 (May 6, 2020).

Conroy’s employment with Andrew Garrett was terminated on April 20, 2018. Since February 13, 2001, he has been associated with four different securities broker dealers, half of which have been expelled by regulators for violation of federal securities laws or are otherwise defunct.