Securities Investigation – Larry Fawcett Jr.
According to the Financial Industry Regulatory Authority (FINRA) yesterday, the regulator has reportedly barred former advisor Lawrence “Larry” Fawcett, Jr. (CRD#: 5851474, Los Angeles, CA) from working in the securities industry.
Fawcett allegedly failed to produce documents and information, and failed to appear for on the-record testimony, in response to investigation into his outside business activities, according to the letter of Acceptance, Waiver and Consent that FINRA posted on its site yesterday.
Additionally, in December FINRA allegedly suspended Fawcett for allegations that he recommended unsuitable mutual fund transactions to a customer. He was reportedly fined $2,500.00, suspended for 15 days and sanctioned with disgorgement in the amount of $22,714.30
According to his FINRA BrokerCheck report, Fawcett was registered with Westpark Capital Inc. in Los Angeles, CA from June 2015 until he was fired this month because he allegedly “conducted business from a non-disclosed location and made false representations to the firm.” Prior to that, he worked for Salomon Whitney Financial in Farmingdale, NY from August 2013 until June 2015.
Fawcett has three customer disputes listed on his broker report for unauthorized trading.
For FINRA’s full findings see FINRA case #2017056329801.
Failure to Supervise
The White Law Group is investigating former advisor Larry Fawcett Jr. and the liability that his employer may have for failing to properly supervise him.
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules. They can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
FINRA operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute.
If you suffered losses investing with Larry Fawcett Jr., the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. 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 please visit www.whitesecuritieslaw.com.