Investors Stew Over TOMMY LAWRENCE

Ameritas Clients Indicate Tommy Lawrence Misrepresented Investments

Soreide Law Group is investigating potential investor claims of bad business practices by securities broker Thomas “Tommy” H. Lawrence III [CRD#: 1839619, Chapel Hill, Tennessee]. Notably, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck reports that 3 clients contested the securities recommendations or sales of the securities broker, who worked for Ameritas Investment Corp. from June 2006 to December 2016. Apparently, clients indicate that Ameritas failed to supervise Lawrence, who purportedly engaged in sales practice violations including selling unsuitable and misrepresented investments. The following contains a summary of some alarming allegations against Lawrence:

Tommy Lawrence Allegedly Misrepresents Alternative Investments

Evidently, on October 7, 2019, an Ameritas client filed a FINRA Arbitration Claim concerning Tommy Lawrence. Mainly, the client indicated that in connection with alternative investment sales, Lawrence made false statements or could have misled the client. Not only that, but Ameritas purportedly did not supervise Lawrence. Consequently, the client asked for $150,000 in compensation from Ameritas or Lawrence. Apparently, this arbitration is pending a resolution.

Tennessee Securities Division Permanently Bars Lawrence

Apparently, Tennessee Securities Division issued an Order barring Tommy Lawrence for borrowing an Ameritas customer’s money in violation of Tennessee law. Evidently, Tennessee Securities Division barred him as an agent and an investment adviser representative effective June 20, 2019.

Tommy Lawrence Allegedly Ignores Investor’s Goals

Notably, a client of Ameritas contested Tommy Lawrence in a complaint dated March 29, 2018. Allegedly, Lawrence made unreasonable direct investment sales. Apparently, Lawrence’s recommendations of DPPs or LPs was not consistent with the client’s financial goals and objectives. As a result, the client asked for compensation from Ameritas or Lawrence in the amount of $300,000. However, this claim was denied on February 12, 2019.

Ameritas Client Indicates That Lawrence Recommended Unsuitable Alternative Investments

Evidently, on October 21, 2016, an Ameritas client filed a FINRA Arbitration Claim about Tommy Lawrence. First of all, the client contended that Lawrence deceptively misrepresented DPPs or LPs. Secondly, the securities broker allegedly falsified important facts relating to alternative investments. Thirdly, the client indicated that Lawrence made unsuitable recommendations. Fourthly, the securities broker supposedly breached his fiduciary responsibility, placing his interests ahead of the client’s interests. Finally, Lawrence seemingly borrowed from the client and might have failed to repay the money. For these reasons, on June 7, 2018, Ameritas settled this client’s dispute by way of paying the client $475,000.

FINRA Sanctions Tommy Lawrence

Apparently, on September 22, 2017, FINRA issued a Decision and Order of Offer of Settlement, suspending Tommy Lawrence between October 2, 2017 and October 1, 2019, and ordering him to pay a $5,000 fine and $41,000+ in restitution for violating FINRA Rules 2010 and 3240. Notably, FINRA mentioned that Lawrence borrowed from a 96 year old client and then failed to repay the loan.

Did Ameritas Securities Broker Tommy Lawrence Sell You Bad Investments?

Have you experienced losses by investing with Tommy Lawrence? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities firms and brokers like Lawrence.