- June 25, 2018
- WestPark Capital
Lawrence Fawcett is a former Financial Advisor at Westpark Capital in Los Angeles, CA. Lawrence Fawcett has been in the securities industry since the 2012.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), during Lawrence Fawcett’s six year career, he has been the subject of five (5) customer complaints and a regulatory investigation. Statistically, this is an exceedingly high number of disclosures for a single Financial Advisor, particularly in light of his short career.
Lawrence Fawcett has two pending customer complaints with combined alleged damages of nearly $300,000. The complaints allege “excessive trading, churning, unsuitable transactions.” In addition, Lawrence Fawcett has three additional complaints filed between 2013-2015 alleging, among other things, unsuitability and unauthorized trading.
In December 2017, FINRA sanctioned Lawrence Fawcett. Lawrence Fawcett accepted findings that he “recommended unsuitable mutual fund transactions to a customer.”
His employer, Westpark Financial, terminated his employment in March 2018 for conducting “business from a non-disclosed location” and making “false representations to the firm.”
As the Wolper Law Firm, P.A. reported earlier this month, in June 2017, Reuters published a report analyzing data issued by the Financial Industry Regulatory Authority (FINRA). Reuters reported that “about half of the firm’s 95 brokers have FINRA flags on their records” and that “more than 47% of Westpark brokers once worked at firms that were later expelled by FINRA.”
A link to the Reuters article is at https://www.reuters.com/investigates/special-report/usa-finra-brokers/.
Separately, FINRA has fined Westpark Capital for failure to supervise its Financial Advisors’ sales practices, many of whom have multiple customer complaints, judgments, liens, or regulatory events disclosed on the FINRA BrokerCheck.
The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.