Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former Westpark Capital, Inc. (Westpark Capital) broker Lawrence Fawcett (Fawcett) has been subject to five customer complaints, two regulatory actions and one termination for cause. Fawcett was barred by FINRA from the securities industry in March 2018 after failing to appear for testimony in connection with an investigation regarding Fawcett’s outside business activities. At around the same time Fawcett was terminated by Westpark Capital on allegations that he conducted business from a non-disclosed location and made false representations to the firm.
In December 2017 Fawcett was sanctioned by FINRA on allegations that he recommended unsuitable mutual fund transactions to a customer by recommending 12 different mutual fund families instead of obtaining favorable breakpoint discounts for the customer.
In addition, many of the customer complaints against Fawcett concern high frequency trading activity also referred to as churning or excessive trading. In May 2018 a customer filed a complaint alleging excessive trading, churning, and unsuitable transactions seeking $33,271 in damages. The claim is currently pending.