Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Osbert Haynes (Haynes), currently employed by Laidlaw & Company (UK) Ltd. (Laidlaw), has been subject to two customer complaints, one regulatory action, and six tax liens or judgments. Most of a Haynes’ customer complaints allege that Haynes made unsuitable recommendations.
In addition, Haynes is subject to large tax liens and civil judgments totaling tens of thousands of dollars. In September 2014 Haynes disclosed a civil judgment of over $19,000. The fact that a broker cannot manage his own personal finances is material information for a client to consider. In addition, an advisor with poor personal finances may be incentivized to sell unsuitable or high commission products that may be recommended to generate high profits for the advisor at the expense of the client.
In August 2017 a customer made allegations unsuitable recommendations and unauthorized trading from 2011 to 2012. The claim alleged $163,886 in damages and is currently pending.