Former Texas broker, Wade Lawrence, has been sentenced to three years in prison for pleading guilty to securities fraud.
According to the Dallas Morning News, investigator alleged that since 2008 Lawrence falsely promised double-your money deals to some investors and promised investors returns of 20 to 100 percent. He was also accused of falsely offering high-risk investments.
Dallas Morning News reported that prosecutors said clients sent Lawrence money to what turned out to be his personal bank account. Lawrence was accused of misappropriating client funds and using them to pay for personal expenses, which included travel and expensive jewelry.
According to BrokerCheck, Lawrence was a registered representative of Merrill Lynch from 04/2003 – 06/2008, Oppenheimer & CO from 06/2008 – 07/2011, and Southwest Securities 08/2011 – 12/2013.
In addition to his sentence, Lawrence was ordered to pay $1.5 million in restitution to his victims. However, it is unclear if Lawrence has the money to repay investors.
The White Law Group is investigating the potential liability the brokerage firm that employed Lawrence may have for his actions. When a registered broker defrauds clients, the brokerage firm may be liable for negligent supervision of their broker representative and could be held responsible for investment losses in a FINRA dispute resolution claim.
If you suffered losses investing with Wade Lawrence and would like to discuss your litigation options, please call the securities attorney of The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on the firm, visit www.WhiteSecuritiesLaw.com.