Lawrence Fawcett has worked in the securities industry for five years. During his career he has been employed by five different securities firms. In 2012 he worked for EKN Financial Services. From 2012 to 2013 he worked for Rockwell Global Capital. In 2013 he also worked for John Thomas Financial. From 2013 to 2015 he worked for Salomon Whitney Financial. From 2015 to 2018 he worked for Westpark Capital.
During his career, Lawrence Fawcett has been the subject of five customer complaints. His first complaint was brought forward in 2013. The customer alleged unauthorized trading. The customer requested approximately $8,000 in damages.
His second complaint was brought forward in 2014. The customer alleged unauthorized trading and unauthorized use of margin. The matter was settled in mediation in order to avoid an official FINRA arbitration. The client was awarded $30,000.
His third complaint was brought forward in 2015. The customer alleged unauthorized trading. This case is currently pending. The customer is seeking $20,000 in damages.
His fourth complaint was brought forward in April of 2018. The customer alleged churning, negligence, unsuitability, unauthorized trading, and breach of contract. This case is currently pending. The client is seeking $260,000 in damages.
The fifth complaint was brought forward in May of 2018. The customer in this case alleged excessive trading, churning, and unsuitable transactions. This case is currently pending. The customer is seeking $33,000 in damages.
Lawrence Fawcett was discharged from Westpark Capital following allegations that he conducted business from a non-disclosed location as well as made false representations to the firm.
Fawcett has been sanctioned by FINRA three times. His was given his first sanction in December of 2017. FINRA’s findings in this matter state that Fawcett allegedly recommended unsuitable mutual fund transactions to one of his customers. The findings also show that the customer transferred mutual funds he had another firm to his IRA account he had with Fawcett. All of the mutual funds were comprised of Class A shares from the same fund family. Three days after the transfer, because of Fawcett’s recommendations, the customer sold the mutual funds and used the proceeds, which totaled approximately $865,000, to buy Class A shares of fourteen different mutual funds from twelve different fund families. The recommendation Fawcett made to the customer that he switch to the new mutual funds was unsuitable because the new funds’ investment objectives were not consistent with the customer’s investment objective of capital preservation. Class A shares are meant to be purchased by investors with long-term investment goals in mind. The customer in question had an investment objective meant for shorter investments. Due to his actions in this matter, Lawrence Fawcett was fined $2,500 in Civil and Administrative fines and $22,714 in disgorgement. He was also given a fifteen-day suspension.
His second sanction was brought forward in March of 2018. The FINRA findings in this matter state that Fawcett failed to produce the documents and information FINRA had requested of him. He also did not appear for on-the-record testimony. These were necessary in FINRA attempting to investigate Fawcett’s outside business activities. For his actions in this matter, Fawcett was indefinitely barred by FINRA from acting as a broker in any fashion.
His third sanction came in June of 2018. Fawcett had failed to pay fines of approximately $20,000. Due to his actions, Lawrence Fawcett had his securities license permanently revoked.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Lawrence Fawcett, please contact Oakes & Fosher for a free and private consultation.