Laurence M. Rothstein Fined and Suspended by FINRA

Soreide Law Group obtained the following information from FINRA’s July, 2017 Disciplinary Report: 
Laurence M. Rothstein (CRD #4591152, Cumming, Georgia)
was fined $10,000 and suspended by FINRA for two months for allegedly causing his member firm’s books and records to be inaccurate by entering false savings goals for his clients into a firm-created database that tracks and stores certain client contacts and information.
FINRA’s findings alleged that for each client, Laurence M. Rothstein entered a special savings goal of $10,000 without speaking to the client about the goal or the purpose of the savings. Rothstein allegedly knew that this information was false.
Also, FINRA’s findings alleged that Rothstein exercised discretion in a client’s account by entering orders to sell securities from the client’s account without speaking to the client or obtaining specific authorization from the client as to the securities, the price, the amount or the timing of each order.
Laurence M. Rothstein’s firm did not allow its registered representatives to exercise discretion in client accounts and required representatives to obtain specific authorization from the client as to the security, the price, the amount and the timing of each order.
The suspension is in effect from June 19, 2017, through August 18, 2017.
(FINRA Case #2016051183801)
According to FINRA’s BrokerCheck, which is available to the public on the FINRA website, Laurence M. Rothstein, has 3 Disclosures on his report, one being an employment separation from Edward Jones after allegedly violating the terms of an email restriction.
Rothstein has been registered in the securities industry for 14 years and was listed with 2 firms, the most recent since 9/13/2016:
KMS FINANCIAL SERVICES, INC.
4730 Hammond Industrial Drive Suite 200
Cumming, GA 30041
Laurence M. Rothstein was previously listed with:
11/26/2002 - 08/29/2016  EDWARD JONES - CUMMING, GA 
If you are/were a client of Cumming, Georgia broker, Laurence M. Rothstein, and you experienced losses due to his recommendations or actions, call Soreide Law Group and speak to a securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
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