November 19, 2018 Comments (0) Blog, Current Investigations, Securities Fraud

Christopher Laws – LPL Financial – Securities Fraud Investigation

Christopher Laws

Christopher Laws Suspended

Have you suffered losses investing with Christopher Laws and LPL Financial? If so, the securities attorneys at The White Law Group may be able to help you recover your losses through FINRA Arbitration.

According to the Florida Department of Financial Services on October 2, 2017,  a consent order was filed involving  former financial advisor Christopher Laws. Laws’ licenses and eligibility for insurance licensure and appointments have been reportedly suspended for 18 months, according to the order.

Laws and three others are currently under investigation by the Securities and Exchange Commission for allegedly  fraudulently inducing federal employees to roll over holdings from their federal Thrift Savings Plan retirement accounts into higher-fee, variable annuity products.

The SEC charges that between March 2012 and November 2014,  the brokers allegedly targeted federal employees through the Federal Employee Benefits Counselors (FEBC) who had sizable funds invested in the Thrift Savings Plan and were nearing retirement.

According to the SEC, the brokers sold approximately 200 variable annuities with a total face value of approximately $40 million to federal employees, who used rollover money from their plans to fund the purchases. The brokers collectively earned approximately $1.7 million in commissions on these sales.

According to Laws’ broker report, he was registered with LPL Financial in Roswell, GA from July 2005 until he was dismissed in December 2014 for “Concerns regarding business practices, including communications with customers.”

Failure to Supervise

The White Law Group is investigating potential claims involving Christopher Laws and the liability his employers may have for failure to properly supervise his alleged activities.

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

If you have questions about investments you made with Christopher Laws, the securities attorneys of The White Law Group may be able to help you.  To speak with a securities attorney, please call 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, and its representation of investors, please visit our website at https://www.whitesecuritieslaw.com.