FINRA Bars Former Lincoln Financial Broker for Perjury

The Financial Industry Regulatory Authority has barred a former Lincoln Financial broker for giving false testimony during an arbitration hearing relating to the authenticity of customer signatures on annuity documents.

FINRA alleges that William Garbarino testified at a May 2013 arbitration hearing that his office staff did not photocopy or reuse customer signatures to create annuity company change of broker forms, and that each signature contained in a sample of those forms was authentic and non-identical.

FINRA claims that at the time of his testimony, Garbarino knew that his son, who was employed at his office, doctored the forms with photocopied signatures and submitted the falsified documents to several annuity companies as originals.

According to FINRA’s letter of acceptance, waiver and consent, Garbarino was barred from practicing for lying to the regulators under oath, a violation of FINRA Rule 2010, which maintains that members observe high standards of conduct.

Garbarino, who held FINRA Series 7, 63, 15, 8, and 65 licenses, was discharged by Lincoln Financial in April for providing false testimony under oath.

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