Barred Broker: Essex Securities LLC financial advisor Lawrence Thomas
Posted on Thursday, July 6th, 2017 at 10:08 am
Erez Law is currently investigating Essex Securities LLC financial advisor Lawrence Thomas (CRD# 1777286) regarding forged customer signatures on firm documents. Thomas has been registered with Essex Securities LLC in North Attleboro, Massachusetts from May 2013 to April 2014 before he was terminated regarding, “Rep admitted during investigation that he knew or should have known that his assistant was altering client signatures. Also upon review, the rep marked liquidating transactions in a clients brokerage account as unsolicited, although the trades were solicited for a subsequent variable annuity sale. The rep implicated his assistant and another individual that is not longer with the firm.” Previously, Thomas was registered with Brooklight Place Securities, Inc. in North Attleboro, Massachusetts from May 2013 to April 2014.
In June 2017, FINRA barred Thomas after he “consented to the sanction and to the entry of findings that he refused to provide FINRA requested on-the-record testimony in connection with an investigation into his recommendation that his member firm’s customers purchase an unauthorized product.”
Previously in October 2016, FINRA suspended Thomas for three months and sanctioned him to pay $5,000 in civil and administrative penalties and fines after he “consented to the sanctions and to the entry of findings that on occasions, he directed his assistant to forge the signatures of customers on his member firm’s documents. The findings stated that Thomas’ assistant did so by copying and pasting authentic client signatures onto new firm documents.” The documents in question included new account forms and applications without the customers’ knowledge and approval. The firm maintained written procedures prohibiting representatives from affixing non-genuine signatures on documents.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Essex Securities LLC may be liable for investment or other losses suffered by Thomas’ customers.
Erez Law represents investors in the United States for claims against Essex Securities LLC financial advisor Lawrence Thomas, who is alleged to forge customer signatures on firm documents. If you were a client of Essex Securities LLC or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.