APRIL 2017 UPDATE
In October 2016 Wade J. Lawrence was permanently barred by the SEC from acting as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor or transfer agent. He was also ordered to pay disgorgement in the amount of $489,801.
In February of 2016 he pled guilty to securities fraud and was sentenced to 36 months and ordered to pay restitution of $1.4 million.
ORIGINAL POST MARCH 2016
According to FINRA records, former Southwest Securities broker Wade J. Lawrence, of Dallas, TX, is currently named in five pending customer cases:
FINRA Case 15-00716-alleges that while employed by Oppenheimer & Co. , Lawrence was negligent in handling the account, made unauthorized trades and made unsuitable investments. The customer seeks damages of $648,000.
Dallas District Court Case DE-14-14259-alleges that while employed by Southwest Securities, Lawrence breached his fiduciary duty and fraudulently induced the customer to wire transfer investment funding directly into Lawrence’s personal bank account. Damages of between $100,000-$200,000 are sought.
FINRA Case 14-03116– alleges that while employed by Oppenheimer & Co., Lawrence was grossly negligent, made unsuitable recommendations and made misrepresentations causing damages in excess of $1.4 million.
FINRA Case 12-02864-alleges that Lawrence, while employed by Southwest Securities, made unsuitable recommendations, unauthorized trades and seeks damages of $2,845,000.
Case 2013-59,236, 237th Judicial Pt. Lubbock, Texas– alleges that Lawrence, while employed by Oppenheimer & Co. , borrowed $850,000 from an Oppenheimer client which he did not repay.
In February 2016, Lawrence was named in a complaint filed by the US Securities & Exchange Commission alleging unauthorized trading and misuse of customer funds. See this for more.
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