In May, 2017, a FINRA arbitrator panel sitting in Los Angeles issued a $1,378,800 binding arbitration award against Charles Laverty in a case involving personal loans that the clients made to Laverty.
The underlying matter involved allegations that Charles Laverty breached his fiduciary duty by soliciting a loan in violation of firm and industry rules. Allegations were also raised concerning the mismanagement of the account. Among the claims made were those for fraud, violations of state and federal securities laws and violations of FINRA’s rules.
After a twelve day arbitration hearing stretching from June, 2016 to April, 2017, the arbitrators rendered their decision and awarded the Claimant $1,378,800 in damages.