Southwest Securities Broker Is Permanently Barred By FINRA

Posted on March 3rd, 2015 at 4:29 PM
Southwest Securities Broker Is Permanently Barred By FINRA

From the Desk of Jim Eccleston at Eccleston Law Offices:

According to FINRA, a former broker from Southwest Securities, Inc. Wade Lawrence, has been permanently barred  for failing to respond to requests for information concerning allegations that he misappropriated funds from customers. He likewise failed to pay an arbitration award.

Lawrence allegedly conducted unauthorized trades in options, and made unsuitable investment recommendations to his customers. Some of the unsuitable investments appear to be in the Vixx volatility index (VXX). Trading in the Vixx is unsuitable for most investors and usually results in losses. Some of the claims also allege that customers made personal loans to Lawrence, which he never paid back.

Lawrence first became registered with FINRA in 2002 with MML Investors Services, LLC. Thereafter, from June 2008 through July 2011, Lawrence was registered with Oppenheimer & Co. Inc. (Oppenheimer) Finally from August 4, 2011, until December 2013, Lawrence was registered with Southwest Securities, Inc. (Southwest). On December 12, 2013, Southwest filed a Form U5 that terminated Lawrence’s registration.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: FINRA, Southwest Securities, Wade Lawrence

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