Investors Indicate That Larry Fawcett Misrepresented Investments

Soreide Law Group is looking into potential investor disputes against securities broker Lawrence “Larry” John Fawcett Jr. [CRD#: 5851474, Los Angeles, California]. Notably, Financial Industry Regulatory Authority (“FINRA”) sanctioned the securities broker 3 times between 2017 and 2019. Also, at least 8 clients brought complaints about Fawcett, and half of those disputes were filed between 2018 and March of this year. Here is a brief summary about Fawcett’s transgressions:

FINRA Bars Larry Fawcett

First of all, on July 2, 2018, FINRA sanctioned Larry Fawcett for not paying fines or costs of nearly $20,000. Apparently, in 2017, Fawcett agreed to pay the fines or costs to resolve FINRA’s allegations of him making unsuitable recommendations of mutual funds to SW Financial clients in violation of FINRA Rule 2111. Apparently, he caused a client not to receive breakpoint discounts for investing, and his recommendations were inconsistent with the client’s objectives and investment time horizon.
More importantly, FINRA issued Acceptance, Waiver and Consent (AWC) #: 2017056329801 on March 26, 2018 barring Larry Fawcett for refusing to testify during an investigation in violation of FINRA Rule 8210. It appears that he did not provide documents to FINRA either. The financial industry watchdog's investigation reportedly concerned Fawcett's outside business activities. The bar became effective March 26, 2018.

Fawcett Purportedly Breaches Fiduciary Duty

Evidently, on March 11, 2020, a WestPark Capital client filed FINRA Arbitration #: 20-00736 about Larry Fawcett. Namely, the client alleged that Fawcett failed to comply with his fiduciary responsibility. It seems that Fawcett might have placed his interests before the client’s interests. Also, the client contended that Fawcett made unsuitable stock trades. For this reason, the client demanded $15,663 in this ongoing matter.

WestPark Client Indicates That Larry Fawcett Misrepresented Private Placements

Apparently, a client of WestPark Capital on February 5, 2020 filed FINRA Arbitration #: 20-00320. Supposedly, Larry Fawcett made misrepresentations or misled the client about stocks and private placements. In addition, the client indicated that Fawcett provided bad investment advice and was in breach of a fiduciary duty. Evidently, the client asked for $400,000 in compensation to resolve this matter.

Fawcett Allegedly Excessively Trades In WestPark Client’s Account

Evidently, on May 21, 2018, a WestPark Capital client filed FINRA Arbitration #: 18-01928 concerning Larry Fawcett. Apparently, the client contended that Fawcett excessively traded securities. It appears that the securities broker churned the client’s investment account, trading primarily to generate commissions from the client. It appears that Fawcett also made unsuitable trades. For this reason, the client asked for $33,271.06 in compensation from WestPark Capital or Fawcett. Evidently, this arbitration is pending a resolution.

Losses From Securities Broker Larry Fawcett?

Have you experienced losses by investing with broker Larry Fawcett? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Fawcett and their employing firms.