If you have suffered trading losses with former Texas-based stockbroker Wade J. Lawrence, call today for a FREE Consultation regarding your investment loss recovery options.
According to FINRA reports, Wade J. Lawrence has been permanently barred from the securities industry in January 2014 by FINRA for failing to appear for an on-the-record testimony regarding allegations that Wade Lawrence misappropriated customer funds.
Wade Lawrence currently has 7 pending customer complaints dating from November 2013 to April 2015. The complaints range from alleged unauthorized trading in a client’s account, unsuitable recommendations of investment products, gross negligence and fraud to nonpayment of a loan made by a client to Mr. Lawrence.
Wade Lawrence has a expansive history of 10 customer complaints over the course of his 11 years in the securities industry while employed by Oppenheimer & Co., Inc. and Southwest Securities, Inc. In addition, Wade Lawrence was the subject of 2 FINRA investigations, one which resulted in his disbarment from the securities industry.
Stockbrokers like Wade Lawrence have a regulatory obligation to recommend investments that are suitable for their customers. In addition, brokerage firms like the firms that Wade Lawrence was registered with have a regulatory duty to strictly supervise stockbrokers. In cases where a stockbroker sells securities that are not suitable for their customers, the brokerage firm itself may be held liable for the losses the investors suffer. As a result, investors who lost money with stockbroker Wade Lawrence may be able to recover their investment losses through FINRA arbitration.
Additionally, FINRA rules generally restrict stockbrokers borrowing money from a client absent certain requirements that the transaction must meet. If a stockbroker violates FINRA or brokerage firm rules by borrowing money from a firm customer without adhering to the requirements set forth by FINRA and the broker’s firm, both the stockbroker and the brokerage firm may be held liable if the stockbroker does not repay the money borrowed from the client.
If you are an investor who has suffered losses investing with Wade J. Lawrence, you may be able to recover your losses through FINRA arbitration or securities litigation. Please call Kons Law Offices at (312) 757-2272 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Offices represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.