The New Jersey Bureau of Securities revoked the securities agent and investment adviser registrations of Lance Roman Armstrong (CRD#: 4592423, Columbia, New Jersey), a former Raymond James Financial Services securities broker. The NJ order comes on the heels of Financial Industry Regulatory Authority’s decision to bar Armstrong indefinitely from associating with FINRA member firms, which constitutes most securities firms in the United States. Here’s more.
Evidently, in September 2020, New Jersey Bureau of Securities issued an order to revoke Lance Armstrong’s investment adviser and securities agent registrations. Notably, the regulator alleged that Armstrong engaged in dishonest or unethical business practices. Supposedly, from 2018 to 2019, some of Armstrong’s Raymond James clients entered into promissory notes with CoopCade Capital. Supposedly, those investors provided $675,000 in funds to CoopCade after entering into promissory notes. They expected 20 percent annual returns from CoopCade in connection with these promissory notes purchases. It appears that Armstrong placed investors’ money into CoopCade’s account. He signed the secured notes.
Supposedly, Lance Armstrong could not do these things because of Raymond James’s policies. It appears that Armstrong got Raymond James’ permission to involve himself with CoopCade Capital. However, this was for accounting and tax preparation. It was not for capital raising.
It appears that Financial Industry Regulatory Authority also sanctioned Lance Armstrong. Specifically, the securities regulator executed an AWC barring the securities broker in November 2019. Supposedly, FINRA wanted him to testify about outside business activities when he worked for Raymond James. Evidently, FINRA wanted Armstrong to respond to allegations that Raymond James disaffiliated with him in February 2019 because he allegedly solicited loans and accepted loans involving clients, which constituted an unapproved outside business activity.
Normally, when securities brokers receive FINRA requests during an investigation, they have to comply with those requests, or else risk getting sanctioned. In Lance Armstrong’s situation, he refused to testify in violation of FINRA rules. Armstrong’s bar went into effect on November 12, 2019.
Apparently, Lance Armstrong denies accusations of sales practice violations. Have you incurred losses by investing with this securities broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have experienced losses because of their securities brokers and their financial advisors.
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