The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Lance Armstrong. According to his publicly available FINRA BrokerCheck report, Lance Armstrong has been the subject of a FINRA sanction.
Lance Armstrong was a New Jersey based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
- ICBA Financial Services Corporation (2002-2005)
- Sorrento Pacific Financial (2005-2007)
- Raymond James Financial Services (2007-2019)
Lance Armstrong was discharged from his position at Raymond James Financial Services in February 2019. This followed allegations that he solicited multiple loans from customers to fund undisclosed outside business activities. Lance Armstrong was officially barred by FINRA the following November following an alleged failure to comply with an investigation into his termination.
What Does This Mean?
Securities firms are supposed to adequately monitor the activity of their registered brokers and make sure they have disclosed all involvement they may have in any outside business activities. Registered brokers are not allowed to engage in these types of activities without disclosing them to their member firms as these outside activities can often compromise the broker’s judgement. These activities can often create significant conflicts of interest and motivate brokers to begin recommending outside investments to their member firm customers that they (the customers) are not financially suited for.
Brokers are also not allowed to solicit any loans from member firm customers for these, or any other purposes. This is because of the nature of the broker/investor relationship. While brokers cannot make any financial decisions on an investor’s behalf without first obtaining said investor’s authorization, the broker still holds a great deal of power in this relationship. The broker is the authority figure in the relationship and it might create an undue amount of pressure to comply with their request for an unsanctioned loan.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Lance Armstrong, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.