Articles Tagged with Southwest Securities

Stoltmann Law Offices is investigating Kelly Althar who allegedly engaged in excessive trading (churning) in two accounts held by an elderly customer. Althar also allegedly made unsuitable recommendations. He was also charged with one count of grand theft. This is against securities rules and regulations. Churning accounts is a particularly egregious action done by a broker to generate large commissions for himself. Althar’s former firm, Financial West Group, can be sued in the Financial Industry Regulatory Authority (FINRA) forum on a contingency fee basis for investment losses. Please call our Chicago-based law firm today at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation.

According to his online FINRA BrokerCheck report, Althar was registered with Pruco Securities in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services in Wellesley Hills, Massachusetts from October 1996 until May 1997, M.L. Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition.

According to a recent InvestmentNews article, arbitrators found Southwest Securities liable for a former broker’s wrongful termination and defamation. An arbitration panel with the Financial Industry Regulatory Authority (FINRA) held the firm liable for Kimberly M. Rose’s termination and recommended the expungement of her termination record. FINRA said it was needed due to the “defamatory nature of the information” in Rose’s Form U-5. Southwest Securities can be held liable for investment losses in the FINRA arbitration forum, so please call today if you have suffered losses with this firm. We take cases on a contingency fee basis so we only make money if you recover yours. The call is free with no obligation.

Did you or someone you know lose money with William Wesley Marshall, a broker with Ameriprise Financial? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your options of bringing a claim against Ameriprise in the Financial Industry Regulatory Authority (FINRA) arbitration forum. We may be able to help you recover your investment losses you suffered with William Wesley Marshall. We take cases on a contingency fee basis for investors, so we only get paid if you recover money. Please call today. The call is free with no obligation.

Mr. Marshall was fined $10,000 and suspended for 15 months by FINRA. FINRA alleged that Mr. Marshall participated in the sale of $1.72 million of privately-issued stock without having provided prior written notice to his firm. He also allegedly engaged in and made an inaccurate assessment of his outside business activity, used a personal email account to communicate with customers, which, in turn, allowed him to avoid firm supervision, and distributed to investors sales literature which contained misleading, exaggerated and inadequate risk disclosures. These are all against securities rules and regulations.

Marshall was registered with May Financial Corporation in Dallas, Texas from October 1999 until December 2001 and Southwest Securities in Dallas from January 2002 until February 2011. He is currently registered with Ameriprise Financial in Plano, Texas and has been since January 2011. According to his online FINRA BrokerCheck report, he is currently suspended by FINRA.

Stoltmann Law Offices is investigating Wade Lawrence, a former broker with Southwest Securities. From January 2012 until September 2013, Wade was accused of devising and engaging in a scheme to defraud and obtain funds from individuals. Many of the victims were personal business clients of his. Lawrence solicited money by falsely offering various investments for sale, including real estate ventures and other securities that were not offered by his firm, Southwest Securities. Some of the interests were extremely high-risk investments in options on the Volatility Index on the Chicago Board Options Exchange. He also solicited funds by falsely stating that their investments would be invested in a duplex. Others, he promised their investments would go into Facebook and Southwest Securities. This is referred to as “selling away” and is when a broker solicits securities that are not held or offered by his brokerage firm. This is against securities rules and regulations. Lawrence promised the investors that their returns would be anywhere from 20 to 100 percent and that their investments may double. Instead, he transferred the money he obtained from the victims into a personal bank account at Wells Fargo Bank in Dallas, Texas. He emailed fictitious account balances to the investors, so as to perpetuate his scheme.

Wade J. Lawrence was registered with MML Investors Services in Springfield, Massachusetts from May 2002 until February 2003, Merrill Lynch in Dallas, Texas from April 2003 until June 2008, Oppenheimer & Co. in Fort Worth, Texas from June 2008 until July 2011 and Southwest Securities in Dallas, Texas from August 2011 until December 2013. He has ten customer disputes against him, seven of which are currently pending. He is not licensed within the industry and the Financial Industry Regulatory Authority (FINRA) has permanently barred him from the industry, according to his FINRA BrokerCheck website. He also pleaded guilty to fraud in Texas as well as illegal securities trading practices. He turned himself in to law enforcement authorities in 2013.

Firms such as Southwest Securities have a duty and an obligation to reasonably supervise their registered representatives. If they do not, they can be held liable for investment losses. If you invested money with Wade J. Lawrence, please call our securities law firm in Chicago, Illinois for a free consultation with an attorney. There is no obligation and we take cases on a contingency fee basis, which means we do not get paid unless you recover money. We sue firms such as Southwest Securities in the FINRA arbitration forum. Please call as soon as possible, as time is of the essence in these particular cases. 312-332-4200.

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