LANCE C WALSTON & DOMINION Lawsuit

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:

DOMINION INVESTOR SERVICES, INC. and their registered representative, LANCE C WALSTON (Respondents). Walston has been registered with this firm, located in San Antonio, Texas, since 8/18/2017.

The Claimant, on or about 2017, along with his wife, opened accounts with DOMINION broker, LANCE C WALSTON. The Claimant and his wife maintained 4 accounts, each having a traditional IRA, and a Roth IRA. The lawsuit alleges that the Claimant was inexperienced in the stock market and relied on the Respondents to manage his portfolio.

According to the lawsuit, allegedly, DOMINION broker, LANCE WALSTON began speculating on options and frequent stock trading in the Claimant’s IRA account.  The lawsuit alleges that DOMINION failed to supervise the excessive trading and unsuitable positions that have caused losses of approximately $100,000 of the Claimant’s money he had planned to use in retirement. The lawsuit alleges the Respondents’ actions have caused Claimant out of pocket damages of approximately $100,000.00. The lawsuit alleges: negligence, breach of fiduciary duty, and negligent supervision.  It is assumed DOMINION INVESTOR SERVICES, INC. and their registered representative, LANCE C WALSTON will deny all allegations.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, LANCE C WALSTON, has been in the securities industry for 20 years and has been with 6 firms.  He has 6 disclosures on his FINRA CRD report.  All 6 disclosures are “Customer Disputes.”  Of the 6 Disputes, 5 were settled and 1 was denied. The significance of WALSTON’S six customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49.  FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, WALSTON’S customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

Of the five settled customer disputes on Lance C Walston’s CRD report, the allegations were: 

1. “Losses in accounts from September, 2018 to December, 2018.”  This dispute settled for $150,000.00.
2. “The Investment Advisor Representative strayed from the client's objectives which resulted in losses in the accounts. Activity dates were September, 2018 to October, 2019.” This dispute settled for $188,000.00.
3. “Deviated from the client's stated objectives in the fall of 2018.” The settlement amount was $40,009.42.
4.  “Deviated from the client's stated objectives in the fall of 2018.” The settlement           amount was $82,190.82
5. “Breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation, failure to supervise, negligent hiring and violations of the conduct rules of FINRA.” This dispute settled for $11,500.00.

If you’ve suffered losses due to the actions or recommendations of DOMINION INVESTOR SERVICES, INC. and/or their registered representative, LANCE C WALSTON of San Antonio, Texas, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA.  We work for you on a contingency fee basis, no fee to you if no recovery.