FINRA Revokes Registration of James Lamont after Allegations of Selling Away
The White Law Group continues to investigate potential securities complaints involving former IFG and Whitehall-Parker Securities broker James Lamont (CRD # 2846228).
On March 13, 2020, FINRA reportedly revoked the registration of James Lamont after he allegedly failed to failed to pay fines and/or costs of $99,437.64 in FINRA Case #2017052705801.
FINRA reportedly suspended Lamont for 18 months beginning 11/4/2019 after he allegedly engaged in private securities transactions without prior approval from his member firm. He was also reportedly fined and ordered to pay disgorgement of $81,417.00 plus a $10,000 fine.
According to FINRA’s findings, Lamont purportedly solicited investors to purchase promissory notes relating to a purported real-estate investment fund, Woodbridge Group. FINRA alleges that Lamont sold $1,467,000 in the notes to investors, three of whom were also customers of his firm. Lamont received $81,417 in commissions in connection with these transactions, according to FINRA.
Later, Woodbridge Group filed a voluntary Chapter 11 bankruptcy petition. The United States District Court for the Southern District of Florida issued final judgments against, among others, the fund and its former owner.
FINRA stated that Lamont disclosed his activities to the firm in a questionnaire, but he identified it as an outside business activity, not a private securities transaction. On that same questionnaire, Lamont allegedly denied participating in any private securities transactions.
According to Lamont’s FINRA broker report, he was registered with Whitehall-Parker Securities in San Francisco, CA from 2015 until October 2019. Prior to that, he worked for Independent Financial Group (IFG) in Novata, CA for nine years.
He has 27 disclosure events on his record including ten judgments, three regulatory events, an employment separation, among others. Lamont has 12 customer complaints dating back to 2009 for allegations of unsuitable investments among others.
Filing a Complaint against your Brokerage Firm
The White Law Group continues to file FINRA arbitration cases on behalf of clients who have suffered losses as a result of churning or excessive trading.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as making unsuitable investments recommendations or churning accounts, 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.
If you suffered losses investing with James Lamont and Whitehall-Parker Securities, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, 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.