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).
The Claimant is 58 years-old, self-employed, and living in Texas. The Claimant opened an account in 2017 with DOMINION INVESTOR SERVICES broker, LANCE COLBY WALSTON. The lawsuit states that the Claimant and his wife maintained 4 accounts, each having a traditional IRA and a Roth IRA with the Respondents. The lawsuit alleges that the Claimant is not experienced in the stock market and relied on the advice of WALSTON to fully manage his portfolio giving him full discretion. Allegedly, WALSTON began to speculate in the Claimant’s IRA account on options trades and frequent stock trading. According to the lawsuit, the Claimant has no recollection of filling out an options agreement or discussing wanting to speculate with his limited retirement savings.
The lawsuit alleges that DOMINION INVESTOR SERVICES failed to supervise the excessive trading and unsuitable positions which caused losses of approximately $100,000 of the Claimant’s money he had earmarked for retirement. The Claimant transferred his accounts away from DOMINION in August of 2022 and his IRA which once had over $100,000, transferred out with only $20,000.
The lawsuit alleges DOMINION and their registered representative’s actions have caused the Claimant out of pocket damages of approximately $100,000.00. The lawsuit is alleging: negligence, breach of fiduciary duty, and negligent supervision. It is anticipated that both DOMINION INVESTOR SERVICES and LANCE COLBY 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 listed with 6 firms. WALSTON has 6 reported customer complaints. 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 six “Customer Disputes,” 5 have settled and 1 was denied.
LANCE C WALSTON was previously listed with LPL Financial of San Angelo, Texas and has been with the following firm since 8/18/2017:
DOMINION INVESTOR SERVICES
8326 BEAUTY OAKS
SAN ANTONIO, TX 78251
If you’ve experienced losses due to the actions or recommendations of DOMINION INVESTOR SERVICES 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 has recovered tens of millions of dollars for investors over the last 14 years. We represent our clients nationwide before FINRA on a contingency fee basis—no fee if no recovery.
