On February 16, 2016 the Securities and Exchange announced that Wade Lawrence submitted an Offer of Settlement, which the SEC determined to accept. Solely for the purpose of the SEC’s proceedings and without admitting or denying the findings therein, Wade Lawrence agreed to the findings that he made unauthorized trades in high risk, speculative securities in his customers’ accounts.
The complaint alleged that from approximately 2010 through 2013 while employed at Oppenheimer & Company, and later Southwest Securities, both in the Dallas Ft. Worth area, Lawrence fraudulently obtained close to $500,000 from his clients and used the money for personal expenditures.
In a related criminal action, Lawrence plead guilty to fraud, and in January, 2015 was sentenced to thirty six months imprisonment and ordered to pay $1,454,384.48 in restitution.
Wade Lawrence’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Wade Lawrence was registered with:
According to FINRA’s CRD disclosure report, Wade Lawrence has been the subject of 11 customer complaints and 2 regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.