Finra bars former Lincoln Financial rep fired over lying

The Financial Industry Regulatory Authority Inc. has barred William Garbarino, a former representative of Lincoln Financial in Danbury, Conn., for falsely testifying during a Finra arbitration that customer signatures on annuity documents had not been photocopied. In April, Lincoln Financial discharged Mr. Garbarino for providing false testimony under oath, among other actions. During an arbitration in May 2013, Finra said that Mr. Garbarino falsely testified that a member of his office staff had not photocopied and reused customer signatures to create annuity company change of broker forms, and that each of the customer signatures contained in a sample of those forms was authentic and nonidentical. At the time of the testimony, Mr. Garbarino knew that the forms had been falsified, Finra said in a letter of acceptance, waiver and consent. Mr. Garbarino began his career at Prudential Securities in 1981 and moved to Morgan Stanley in 1999 and Raymond James in 2005. He joined Lincoln Financial in 2009. ​