February 16, 2016- Dallas Texas
Wade J. Lawrence, formerly a broker with Southwest Securities and prior to that with Oppenheimer & Co. , was charged by the Securities & Exchange Commission (SEC) with executing unauthorized trades in client accounts and defrauding other customers.
Lawrence is also named in five customer suits/arbitrations seeking millions in damages by former customers at Southwest Securities and Oppenheimer & Co. See this for more.
The SEC complaint alleges:
- Lawrence executed unauthorized trades in speculative and hight risk securities in customer accounts
- Lawrence’s clients lost over $2 million due to his unauthorized trading
- Lawrence fraudulently obtained $480,000 from clients claiming he could trade securities at an advantageous price
- Lawrence used most of the money obtained for personal expenses
Lawrence has previously been permanently barred from the securities industry and ordered to pay millions in restitution. He has agreed to settle the current action by consenting to an order enjoining him from further securities violations.
If you have losses in an account handled by Wade J. Lawrence you may be able to recover damages from his former employer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900