Brad Lawing – Cambridge Investment Research – Securities Investigation
According to the Financial Industry Regulatory Authority (FINRA) in November 2017, the regulator suspended financial advisor Brad Lawing from the securities industry for five months.
Lawing allegedly recommended shares of a business development company to three customers, but two of them reportedly did not satisfy the issuer’s suitability standards and the third customer’s investment resulted in overconcentration, according to FINRA.
The findings alleged that Lawing did not use reasonable diligence to ascertain those customers’ financial situation, risk tolerance, and other factors affecting the investment’s suitability.
According to FINRA, in one case, Lawing allegedly recommended the shares by mail, without speaking with the customer, and in the other cases he reportedly did not collect enough information about the customer’s investment profile to show that the security or the concentration was suitable.
FINRA’s findings also stated that Lawing allegedly began working with a group of customers whose previous registered representative was statutorily disqualified from participating in the brokerage industry.
According to his FINRA BrokerCheck Report, Lawing was registered with Cambridge Investment Research in Springfield, MO from July 2010 until August 2017. He has 11 customer complaints listed on his broker report. Several of his clients allege misrepresentation of capital gains and service fees, according to FINRA.
Investigating Potential Claims
The White Law Group is investigating the liability that Lawing’s former employer may have for his alleged actions.
Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Lawing’s employers failed to properly supervise him, the firm(s) may be held responsible for investment losses in a FINRA arbitration claim.
If you have invested with Brad Lawing and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.