April 12, 2019 Comments (0) Blog, Current Investigations

Thomas H. Laws, HD Vest | Broker Investigation

Thomas H. Laws, HD Vest – Broker Investigation, Featured by Top Securities Fraud Attorneys, Featured by Top Securities Attorneys, The White Law Group

Thomas H. Laws  – Santa Fe Gold Corp. Investment Losses

Have you suffered losses investing with Thomas H. Laws in Silver City, NM? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Dispute Resolution claim against the brokerage firm that sold you the investment.

According to the Financial Industry Regulatory Authority (FINRA) today, the regulator has reportedly barred Thomas H. Laws from associating with any FINRA member at any time.

According to a Letter of Acceptance, Waiver & Consent, in 2019, FINRA commenced an investigation into whether Laws potentially violated FINRA rules by engaging in undisclosed outside business activities and/or private securities transactions while associated with HD Vest. By refusing to appear for on-the-record testimony, Laws has consequently been barred from working in the securities industry.

Laws’ FINRA broker check report states that the Securities and Exchange Commission was allegedly investigating Laws and THL Financial Services Corporation concerning the alleged misappropriation of at least $1.1 million of investor funds by Laws, the former chief executive officer of Santa Fe Gold Corporation.

Santa Fe, a small mining company based in Albuquerque, New Mexico, is a public company quoted on OTC Link operated by OTC Markets Group, according to reports. After reportedly emerging from bankruptcy in June 2016 without assets, Santa Fe purportedly raised approximately $6.8 million from the sale of unregistered securities.

Santa Fe allegedly transferred directly to Laws and THL approximately $1.1 million of investors’ funds for various corporate purposes, from at least August 2016 through February 2018, including the purchase of a silver mine, the acquisition of mining claims, the purchase of mining equipment, and for third party services to the company, according to FINRA.

Instead of using the funds for corporate purposes, Laws allegedly misappropriated these funds and attempted to hide his theft by fabricating documents, including by purportedly forging vendor invoices, agreements, bank records, communications, and signatures.

In September 2018, after Santa Fe discovered a portion of Laws’ alleged misappropriation and confronted him, he did not provide an explanation for his conduct, but he purportedly agreed to repay the funds and executed a promissory note to Santa Fe in the amount of $930,000, according to FINRA.

According to the complaint, the promissory note has matured, but Laws has allegedly repaid only $375,000. After the note was executed, the company reportedly identified approximately $170,000 of additional misappropriated investor funds, bringing the total at issue to at least $1.1 million.

Laws has reportedly not repaid or accounted for at least $725,000 of investor funds.

According to his FINRA BrokerCheck Report, Laws was registered with HD Vest in Silver City, NM for 11 years.

Recovery of Investment Losses

The White Law Group is investigating potential claims involving Thomas H. Laws and the liability his former employer may have for failing to properly supervise him.

Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).

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.

We represent investors in FINRA arbitration claims in all 50 states, including New Mexico. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you are concerned about your investments with Thomas H. Laws, the securities attorneys at The White Law Group may be able to help you.

For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web at www.whitesecuritieslaw.com.

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.

Click here for your FREE consultation.

 

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