Have you suffered losses investing with Wade James Lawrence? If so, The White Law Group may be able to help.
According to the Securities and Exchange Commission, Wade James Lawrence, a former Dallas, Texas, investment advisor who is serving a three-year prison term for defrauding clients, has been barred from the financial industry by the SEC on Monday.
In January, Wade James Lawrence was sentenced to prison after pleading guilty to defrauding 18 clients. He was ordered to pay $1.4 million in restitution and to forfeit $126,000 that he gained from the sale of property he obtained through his fraud, according to the SEC.
Lawrence’s clients allegedly lost $2 million through his actions, between 2010 and 2013. He also received $480,000 from five clients whom he told that he would trade securities for their benefit in his own brokerage account, but he allegedly used the money for his personal expenses, the SEC said. He even repaid some of the money by using investments from new clients to make payments to older clients.
For more information on The White Law Group’s investigation, see Texas financial advisor barred from the securities industry.
According to Lawrence’s FINRA BrokerCheck, 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.
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about your investments with Wade James 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 (888) 637-5510 for a free consultation.
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 Franklin, Tennessee.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.