NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Eric Renard Garrison (Principal)
AWC/2009020931201

Garrison borrowed $3,000 from a relative who was a customer at his member firm. The firm’s procedures generally prohibited borrowing money from customers, except in limited circumstances; those procedures required registered representatives to make a written request and obtain written approval before entering into such loans. Garrison did not make a request and the firm did not give him approval to enter into that loan; and, he failed to repay the loan by the deadline and has repaid only $630.

Eric Renard Garrison (Principal): Fined $5,000; Ordered to pay $2,370, plus interest, in restitution to a customer;Suspended 3 months

Tags: Borrowing