Lawrence Rice Barred by FINRA Following Regulatory Action

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Lawrence Roger Rice (CRD#: 375304, Lauderdale by the Sea, Florida). Rice was previously registered with multiple firms, including Centaurus Financial Inc. (2022-2024) and Ameriprise Financial Services Inc. (2014-2022).

Recent disclosures indicate that FINRA has permanently barred Rice from acting as a broker or associating with a broker-dealer firm due to his failure to cooperate with a regulatory investigation regarding disclosure violations.

Regulatory Bar by FINRA For Failure to Cooperate

On August 14, 2024, FINRA initiated disciplinary action against Lawrence Rice (Case No. 2024081415101). The regulatory body alleged that Rice failed to provide documents and information requested during an investigation into allegations made on a Form U5 by his former firm, Centaurus Financial Inc. The firm claimed Rice did not timely disclose a pending civil action in which he was named, violating firm policy and industry regulations.

Without admitting or denying the findings, Rice consented to FINRA’s sanctions. As a result, he was permanently barred from acting as a broker or associating with a broker-dealer firm. The ruling became final on August 14, 2024.

Lawrence Rice’s Employment Separation

On February 23, 2024, Rice was permitted to resign from Centaurus Financial Inc. following allegations that he failed to timely disclose a pending civil action. The firm cited a violation of disclosure requirements as the primary reason for his departure.

Client Dispute Alleging Misrepresentation, Unsuitable Advice

On February 8, 2010, a client dispute was filed against Rice while he was employed at Morgan Keegan Company Inc. The claim alleged misrepresentation and unsuitability regarding a mutual fund purchased in 2006. The client sought $24,900 in damages. The dispute was later settled for $10,300 on May 25, 2010. Rice denied responsibility for the settlement, stating that the fund was initially recommended by his former partner and that the firm settled to avoid legal defense costs.

What This Means for Investors

The FINRA bar means that Rice is no longer permitted to act as a securities broker. Investors who have concerns about their dealings with Rice or any of his former firms should consider consulting with a securities attorney to review potential legal options.

Contact Soreide Law About Lawrence Rice Today

Looking for more information about Lawrence Rice? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. Soreide Law Group works on a contingency basis and advances all costs. The firm assists investors across the country with recovering losses from sales practice misconduct. Rice and the firms he worked for deny accusations of sales practice violations.