Articles Posted in FINRA Arbitration Award

A FINRA Dispute Resolution Services arbitration panel in Boca Raton, Florida, ordered SunTrust Investment Services, Inc. and SunTrust Advisory Services, Inc. (collectively “SunTrust”) to pay a customer $200,000 over losses in the customer’s discretionary account with the firms.

Additionally, the arbitration panel denied SunTrust’s request for expungement on behalf of broker Jeffrey Paul Oliverio. Mr. Oliverio was not a party to the arbitration.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as SunTrust.

A FINRA Dispute Resolution Services arbitration panel in Richmond, Virginia, found Westpark Capital, Inc. to be liable for actions of its disgraced former broker, Lawrence Fawcett, and ordered the firm to pay nearly $800,000 to customers Charles and Karen Hailey.  The award included over $545,000 in compensatory damages, $33,500 in costs, and $215,000 in attorneys’ fees.    The arbitration panel found Westpark liable for failing to supervise Mr. Fawcett, who churned the Hailey’s accounts and made unsuitable investment recommendations.  The unsuitable investment recommendations related to private placement investments in the following entities:  Protagenic Therapeutics, Inc., Monster Digital, Inc., Miamar Labs, Inc.

The former stockbroker, Lawrence (Larry) Fawcett, was barred from the securities industry by FINRA in March 2018 for failing to cooperate with a FINRA investigation into his outside business activities.  FINRA subsequently revoked Mr. Fawcett’s securities license for failing to pay a fine and suspended him for failing to comply with an arbitration award.  Mr. Fawcett, who had only been in the securities industry for five years, had an extensive history of customer complaints, regulatory sanctions, associations with disreputable brokerage firms, and an employment termination after allegations of wrongdoing.

If you have lost money with Lawrence Fawcett or Westpark Capital, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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