Garrett Neubart Suspended By FINRA Following Allegations of Undisclosed Outside Business
Garrett Neubart (CRD #: 2558442), a broker with Deutsche Bank Securities INC, is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on October 14, 2021. This suspension stems from allegations related to an undisclosed outside business activity in violation of FINRA Rules 3270 and 2010.
Keep reading if you have concerns about Garrett Neubart’s conduct as a broker.
According to an Acceptance, Waiver, and Consent agreement dated August 23, 2021, Garrett Neubart consented to the findings that between September 2017 and November 2018, while associated with Deutsche Bank Securities INC, he engaged in an undisclosed outside business without providing prior written notice to his firm.
Alleged Outside Business Activities
According to the AWC, from September 2017 through November 2018, Garrett Neubart allegedly scheduled and attended meetings between an artificial intelligence (AI) company and his institutional clients at Deutsche Bank to market the AI company’s products.
In preparation for these meetings, Garrett Neubart reportedly used his Deutsche Bank email address to send the clients’ pitch books, marketing decks, and other information on the AI company. During the same period, Garrett Neubart allegedly arranged introductions between the AI company and employees in Deutsche Bank’s Research Department to discuss the AI company’s products and services.
FINRA alleges that In January 2018, as compensation for his efforts, Garrett Neubart received Incentive Units from the AI company for a nominal price, entitling him to purchase the company shares for a fixed price at any time of his choosing. Garrett Neubart allegedly did not provide prior written notice to or receive approval from Deutsche Bank to engage in outside business activities involving the AI company.
You can read a copy of the AWC here.
FINRA Rules 3270 and 2010
FINRA Rule 3270 requires that brokers provide written notice to their firms regarding their outside business activities. By engaging in an outside business activity without providing prior written notice to his firm, Garrett Neubart allegedly violated FINRA Rules 3270 and 2010.
A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.
Garrett Neubart does not have any businesses listed in the Outside Business Activity section of his detailed BrokerCheck report. This is where outside businesses that a broker discloses to their firm should appear.
As part of the terms of the AWC, Garrett Neubart consented to a two-month suspension.
Garrett Neubart Background Information
Garrett Neubart has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
He is a registered broker in 49 states, Washington D.C., the Virgin Islands, and Puerto Rico.
Besides Deutsche Bank Securities INC, Garrett Neubart has worked with the following firms:
- Goldman, Sachs & Co. (CRD#:361)
Kurta Law Can Help
If you have suffered losses after working with Garrett Neubart, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.