Our firm is investigating former Private Client Services, LLC broker and investment adviser representative Garth James Lurvey (CRD# 4729301), most recently associated with Private Client Services, LLC in Winter Park, Florida, for potential investment-related misconduct.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Garth James Lurvey is not currently registered as a broker. His prior brokerage registrations began in December 2003 with Pruco Securities, LLC, followed by Waddell & Reed, Inc. from March 2004 to May 2005, UBS Financial Services Inc. from May 2005 to February 2006, SunTrust Investment Services, Inc. from February 2006 to December 2016, LPL Financial LLC from December 2016 to March 2022, and Private Client Services, LLC from March 2022 to December 2024. BrokerCheck also reflects recent investment-advisory employment with Prime Capital Investment Advisors, LLC beginning in March 2022.
Garth James Lurvey Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects four customer-dispute disclosures for Mr. Lurvey, all marked final rather than pending. Those matters include two settled disputes and two denied complaints. As with all BrokerCheck disclosures, these are reported allegations and dispositions, and settlements do not necessarily constitute an admission of wrongdoing.
Structured note allegations tied to LPL Financial
The most recent disclosed matter involved allegations that, during the period 2017 through 2022, Mr. Lurvey made unsuitable recommendations and untrue representations regarding a structured note while associated with LPL Financial LLC. The matter was filed with FINRA arbitration under docket number 23-02258, notice was served on August 21, 2023, and the case was settled on July 31, 2024. BrokerCheck states that compensatory relief totaled $120,000, with an individual contribution of $55,000, and that the alleged damages amount could not be determined but exceeded $5,000.
Earlier UIT and annuity complaints
BrokerCheck also shows a written customer complaint received on March 18, 2014, while Mr. Lurvey was associated with SunTrust Investment Services, Inc., alleging that two unit investment trusts were unsuitable. That complaint listed alleged damages of $12,156.43 and was settled on April 17, 2014, for $5,000, with no individual contribution recorded. A separate written complaint received on January 20, 2011 alleged that a UIT purchased on October 7, 2010 and liquidated on December 8, 2010 had been misrepresented; BrokerCheck lists alleged damages of $5,554.92 and shows the matter was denied as of February 9, 2011. Another written complaint received on June 18, 2010 alleged misrepresentation in the sale of a variable annuity, with claimed damages of $5,849.00; that matter was denied on June 29, 2010, with no settlement payment.
Disclosure summary
- 2023 FINRA arbitration / 2024 settlement — Alleged unsuitable recommendations and untrue representations involving a structured note at LPL Financial LLC; Disposition: settled July 31, 2024; Case: FINRA docket 23-02258; Settlement: $120,000; Individual contribution: $55,000.
- 2014 customer complaint — Allegation that two unit investment trusts were not suitable while at SunTrust Investment Services, Inc.; Disposition: settled April 17, 2014; Alleged damages: $12,156.43; Settlement: $5,000.
- 2011 customer complaint — Allegation that a unit investment trust purchased on October 7, 2010 was misrepresented; Disposition: denied February 9, 2011; Alleged damages: $5,554.92.
- 2010 customer complaint — Allegation of misrepresentation in the purchase of a variable annuity; Disposition: denied June 29, 2010; Alleged damages: $5,849.00.
To obtain a copy of Garth James Lurvey’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 is the suitability rule. It requires a broker to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile. In the complaints against Mr. Lurvey, allegations involving unsuitable structured products and unsuitable UIT recommendations would, if proven, implicate Rule 2111 because the core issue is whether the recommended product matched the investor’s objectives, risk tolerance, time horizon, and financial circumstances.
FINRA Rule 2090 is the know-your-customer rule. It requires firms and associated persons to use reasonable diligence to know and retain the essential facts concerning every customer so accounts can be properly serviced and handled in compliance with applicable rules. In a case involving allegations that a structured note, UIT, or variable annuity was unsuitable, Rule 2090 matters because a recommendation cannot be properly evaluated unless the broker first gathered and understood the customer’s essential facts, including investment objectives and account needs.
FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade, and Rule 2020 prohibits inducing a securities transaction through manipulative, deceptive, or other fraudulent devices. In the complaints alleging untrue representations and misrepresentation, those rules are relevant because inaccurate or misleading statements about product risk, structure, principal protection, or expected performance can raise issues beyond suitability and into broader standards of fair dealing and deceptive sales practices.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
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