May 12, 2024

Lawrence Brockman Sanctioned, Involved In Client Disputes

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Investors might have sustained losses due to Lawrence Richard Brockman [CRD: 1126810, Poland, Ohio], and FINRA sanctioned the securities broker, based on the disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Brockman worked for Moors Cabot Inc. from January 29, 2016, to October 11, 2022. Continue reading to learn more about Brockman's client disputes and the allegations made against him.

FINRA Sanctioned Brockman For Borrowing From A Client

On March 4, 2024, the Financial Industry Regulatory Authority (FINRA) fined and suspended Brockman. FINRA alleged that Brockman borrowed $22,500 from his client at Moors Cabot Inc. to cover personal expenses without prior notice to or approval from his firm. He further concealed this loan by directing the client to transfer the funds to his wife’s personal checking account. Supposedly, the loan was neither documented in writing nor secured with a promissory note.

Additionally, FINRA claimed that Brockman falsely declared on annual compliance questionnaires that he had not received any loans from clients. After making two repayments totaling $2,076, he ceased payments following the client’s death and subsequently refused to settle the debt with the client’s estate. This became known after the firm was approached by the client’s estate's legal representative.

Therefore, Brockman incurred a $20,000 fine and a suspension affecting all capacities for 22 months, beginning on March 4, 2024, and ending on January 3, 2026.

Moors Cabot Disaffiliated With Lawrence Brockman

Also, on October 4, 2022, Moors Cabot disaffiliated with Lawrence Brockman. The firm alleged that Brockman violated policies by lending to and borrowing from clients, without previously disclosing the details of these transactions to the firm.

Morgan Stanley Smith Barney Investor Accused Brockman Of Unsuitable Advice

Evidently, a MSSB client filed FINRA Arbitration No. 18-04109 about Lawrence Brockman. Supposedly, Brockman made unsuitable recommendations with respect to purchases of SDRL stocks from June 2013 to October 2014. Because of this, the client allegedly sustained damages. Therefore, on May 15, 2019, MSSB settled this matter by paying the client $10,000 in damages.

Lawrence Brockman Disclosed Unauthorized Trading Allegations By Citigroup Global Markets Inc. Client

Particularly, a client of Citigroup Global Markets Inc. contested Lawrence Brockman’s sales practices, according to a complaint dated May 27, 2009. Allegedly, Brockman engaged in unauthorized trading in November 2008. It appears that Brockman allegedly caused the client to sustain damages on stocks. Consequently, the client sought compensatory relief from Citigroup Global Markets Inc. or Brockman. However, the customer withdrew this complaint.

Seek Justice For Your Investment Losses With Lawrence Brockman

Did you suffer losses because of Lawrence Brockman? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Brockman and brokerage firms he worked for deny accusations of sales practice violations.

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