Soreide Law Group, on Behalf of Their Client, Filed a FINRA Arbitration Against Laidlaw & Company (UK) Ltd.

Soreide Law Group has filed a FINA arbitration for their client against:
LAIDLAW & COMPANY (UK) LTD.

The Claimant, from Sammamish, Washington, received a cold call in April, 2015, from a broker who had just begun working with LAIDLAW & Company after leaving the now defunct Rockwell Global Capital. The lawsuit alleges that shortly after the Claimant opened the account and funded it with approximately $350,000, without permission the broker began purchasing large concentrated positions in individual stocks on margin, making ridiculous and false promises claiming he was returning 40% annualized for all of his customers and was “killing it." The Claimant’s account at Laidlaw & Company was not a discretionary account, and he was happy with returns of 6% to 8% of which the broker claimed would be no problem at all to achieve with his stellar record. The lawsuit alleges that during the eight months the Claimant was a customer of LAIDLAW, his broker would turn over the entire account each month buying large concentrated positions on margin without permission. The Claimant called to complain on several occasions and even spoke to a supervisor. The Claimant received several margin calls and complained each month until he moved the account away in January with a $200,000 loss and large margin balance in excess of 50%.   The allegations in the lawsuit are that broker excessively traded the Claimant’s accounts to generate excessively large commissions.
The cause of action relating to these losses are: negligence, breach of fiduciary duty, negligent supervision, breach of contract and fraud.
If you were a client of Laidlaw & Company, Ltd., and also experienced investment losses, call Soreide Law Group for a no-cost consultation on the possibility of recovering your financial losses at: 888-760-6552.