Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. Investors who believe that they may have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.
Oakes & Fosher is currently investigating the possible misconduct by securities broker Brad Lawing. According to his publicly available FINRA BrokerCheck report, Brad Lawing has been the subject of multiple customer disputes over the course of his career.
Brad Lawing operated most recently as a Missouri based securities broker. He worked in the securities industry for eleven years. During his career, he was registered with three different securities firms.
His Registrations
- The O.N. Equity Sales Company (2005-2006, 2007-2010)
- Merrill Lynch (2006-2007)
- Cambridge Investment Research (2010-2017)
The Allegations
- In September 2015, customers alleged that Brad Lawing executed an unauthorized sale of mutual funds.
- In September 2016, a customer alleged that Brad Lawing sold securities without her authorization and that this action caused unforeseen tax consequences.
- In May 2017, a customer alleged that Lawing failed to disclose fees that would be associated with selling annuities.
- In November 2017, Brad Lawing was sanctioned by FINRA. The findings in this matter state that he recommended shares of a business development company to three customers. For two of these customers, the securities were highly unsuitable given their investment objectives and financial situation. For the third customer, this investment resulted in an over-concentration in the customer’s account. Due to these alleged actions, he was fined $10,000, forced to pay $11,754 in restitution, and suspended from acting as a securities broker in any fashion for a period of five months.
What does this Mean?
Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by factors that include the customers previously stated investment objectives, liquidity needs, and financial situation. Securities brokers, like Brad Lawing, are expected to conduct the necessary due diligence required to discern a customer’s suitability based on these factors. However, if it turns out that a customer is suited for a particular security, the securities broker still needs to make sure they are diversifying their customer’s portfolio. Over-concentrating a customer’s account in a single security is never a good idea as it increases their risk for trading losses.
Oakes & Fosher can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Brad Lawing, please contact Oakes & Fosher for a free and private consultation.
