Another investor appears to have disputed the sales practices of securities broker Thomas H. Laws (CRD#: 4494448, Silver City, New Mexico). The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report on Laws shows that two investors disputed his sales practices. Not only that, but both SEC and FINRA barred the securities broker. Here’s more.
Notably, a client of Avantax Investment Services brought a dispute about Thomas Laws in January 2020. Specifically, the client contended that the representative mishandled their assets for direct investments. Supposedly, Laws misused the client’s DPP or LP assets. Allegedly, the securities broker used the client’s funds for personal use. For this reason, Avantax Investment Services settled this matter through making a $232,000 payment to the client in April 2021.
Evidently, a second client of Avantax Investment Services disputed Thomas Laws’ sales practices. Specifically, in the January 2020 dispute, the client alleged damages by the securities broker, who is accused of misusing the client’s money to benefit himself. Notably, Avantax Investment Services paid the client $65,000 to settle this matter in June 2021.
Notably, SEC barred (expelled) Thomas Laws as securities broker in July 2019. Mainly, SEC alleged that mining company, Santa Fe, provided $1,100,000 in funds to Laws for investment purposes. Laws supposedly failed to use the money for corporate purposes, including arranging the purchase of a silver mine and acquiring equipment and services. Supposedly, the securities broker tried to hide his actions by making up documents which suggested that bank accounts existed and that he did legitimate business.
Also, in April 2019, FINRA barred Thomas Laws as a securities broker for FINRA-member firms (most brokerage firms located in the United States). Specifically, FINRA asked Laws to testify about allegations of his possible private securities transactions. However, Laws indicated that he would not testify in the investigation.
Did you experience losses because of broker Thomas Laws? If so, call Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have sustained losses because of their financial advisors and securities brokers. It appears that Laws denies all allegations of his sales practice violations.
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