Recently, United Kingdom-based Laidlaw & Co. was sanctioned by the Financial Industry Regulatory Authority (FINRA). According to the firm’s BrokerCheck report with FINRA, the firm has five regulatory sanctions against it. In May 2018, FINRA sanctioned Laidlaw in connection to allegations that it failed to establish and maintain a supervisory system, as well as written supervisory procedures, that were adequately designed to guarantee that representatives’ recommendations of leveraged and inverse exchange traded funds (ETFs), were in compliance with securities laws and rules. FINRA also found that the firm did not impose “product-specific limitations” on its representatives’ ability to recommend that customers trade in or hold non-traditional ETFs. Representatives allegedly solicited 869 purchases of non-traditional ETFs and 946 sales of non-traditional ETFs spanning 312 client accounts. In 2016, the firm was sanctioned in connection to allegations it charged unfair and unreasonable commissions, as well as a “handling fee” on certain equity transactions. Specifically, FINRA found it charged more than $27,000 in excessive commissions on 421 transactions. The firm was fined $10,000 and censured, and was ordered to pay restitution exceeding $27,000.
Robert Rotunno, a former registered representative with National Securities, has received five customer complaints and one pending customer complaint. He has been accused of engaging in churning, making unsuitable investment recommendations, breaching fiduciary duty, breaching contract, misrepresenting material facts, using margin without authorization, acting negligently, churning accounts and engaging in misconduct involving commission, among other things that are against securities rules and regulations.
Rotunno was registered with American Investment Services in Oklahoma City, Oklahoma from October 1999 until May 2000, Murphy & Durieu in New York, New York from May 2000 until December 2000, Global Capital Securities Corp in Englewood, Colorado from January 2001 until March 2002, Sands Brothers & Co. in New York from April 2002 until August 2004 and Laidlaw & Co in New York from August 2004 until February 2016. He is currently registered with National Securities in New York and has been since January of this year. Please call our Chicago-based securities law firm at 312-332-4200 to speak to one of our attorneys about your options of suing National Securities in the FINRA arbitration forum to recover your losses. The firm may be responsible for them.