New Mexico Registered Representative Consents to FINRA Bar after Violating FINRA Rules for Refusing to Provide On-the-Record TestimonyTuesday, May 14, 2019
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) to resolve allegations of securities industry rules violations against former general securities representative Thomas Laws, most recently associated with H.D. Vest Investment Services, Inc. (HD Vest) in Silver City, New Mexico from November 2006 to November 2017.
According to the AWC, FINRA was investigating Laws when allegations arose that he engaged in undisclosed outside business activities and/or private securities transactions while associated with HD Vest. In March 2019, FINRA staff sent Laws a request for on-the-record testimony pursuant to FINRA Rule 8210. In a phone call on March 26, 2019, Laws acknowledged the request and stated that he would not appear for on-the-record testimony at any time. Thus, Laws violated FINRA Rules 8210 and 2010.
Without admitting or denying the allegations made against him, Laws consented to a bar from association with any FINRA member firm in any capacity.
If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Did your broker’s misconduct cost you money? If so, you may be able to recover from your broker or the brokerage firm where he or she was registered. Since 1998, the attorneys at ChapmanAlbin have been representing victims of investment fraud and broker misconduct. Call us (1-877-410-8172) today for a free, no obligation consultation.