FINRA reportedly Sanctions Laidlaw & Rep for Potential Market Manipulation Red Flags
According to the Financial Industry Regulatory (FINRA), the regulator has censured and fined Laidlaw and Co. (UK) LTD $1.5 million for alleged supervisory failures in connection with alleged market manipulation. FINRA has also sanctioned a senior officer and principal of Laidlaw, according to a letter of
Acceptance Waiver and Consent.
According to the letter, from at least January 2015 through September 2015, Laidlaw allegedly failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with federal securities laws and FINRA rules prohibiting market manipulation.
The firm also purportedly failed to detect red flags of potential market manipulation. During at least the same period, Laidlaw and a representative purportedly failed to preserve and maintain certain books and records, according to the letter. Specifically, Laidlaw and a representative allegedly failed to maintain numerous business-related text messages exchanged between firm personnel and customers, in violation of firm rules. The representative was reportedly suspended from association with any FINRA member firm in any principal capacity for two months; and fined $15,000.
Potential Lawsuits to Recover Financial Losses
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois.
If you have concerns regarding investments you purchased through Laidlaw & Co. and would like to speak with a securities attorney, please call The White Law Group at 888-637-5510.
For more information on the firm’s investigation please see the following:
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