FINRA recently announced that Wade James Lawrence (CRD #4512225, Registered Representative, Dallas, Texas) has been barred from association with any FINRA member in any capacity.
According to the notice, without admitting or denying the findings, Lawrence consented to the described sanction and to the entry of findings that he failed to appear for FINRA-requested on-the-record testimony. The findings stated that FINRA received a regulatory tip alleging that Lawrence misappropriated customer funds. During the course of FINRA’s investigation into the regulatory tip, FINRA requested that Lawrence appear and provide on-the-record testimony. Counsel for Lawrence informed FINRA that he would not appear and provide on-the-record testimony.
For the full details of FINRA’s findings see FINRA Case #2013039289901.
To the extent that the allegations raised by the regulatory tip were accurate, Mr. Lawrence’s FINRA employer may have liability. When a FINRA registered financial advisor violates securities industry rules and standards, his or her employer may be held liable for failure to properly supervise the actions of their agent.
According to Lawrence’s FINRA BrokerReport, he was registered with Southwest Securities from August 2011 through December 2013, Oppenheimer & Co. from June 2008 through July 2011, and Merrill Lynch from April 2003 through June 2008.
If you are concerned about your investments with Mr. Lawrence and would like to discuss whether you may have a claim against his employers, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.