Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Randall Larson (Larson) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Larson was employed by Great Point Capital LLC at the time of the activity. If you have been a victim of Larson’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint on September 12, 2024.
This Wells Notice received from the SEC is in relation to investments from 2018-19. All matters related to this are currently pending. This proposed action would allege direct violations of Sections 15(a)(1) and 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 thereunder; aiding and abetting violations of Section 17(a)(1) of the Exchange Act and Rule 17a-4 thereunder; direct and aiding and abetting violations of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (the “Advisers Act”), and aiding and abetting violations of Section 204 of the Advisers Act and Rule 204-2 thereunder; and direct violations of Section 17(a) of the Securities Act of 1933 (the “Securities Act”).
FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on April 09, 2024.
Client alleges unsuitable investment recommendation in 2019.
Our firm is highly experienced in pursuing cases for defrauded clients whose advisors accept client loans or sell securities through OBAs. The sale of unauthorized investment products, fraudulent schemes that disguise misused funds, and other deceptive practices are collectively known in the industry as “selling away,” a serious breach of securities laws. In finance, “selling away” occurs when a financial advisor recommends investments in companies, promissory notes, or other securities without the approval of their broker’s affiliated firm. Although certain investments may have some validity, they frequently devolve into Ponzi schemes or involve advisors unlawfully diverting funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. Firms are required to have protocols in place to oversee their brokers by tracking each advisor’s activities and public interactions. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Larson has been in the securities industry for more than 14 years. Larson has been registered as a Broker with Great Point Capital LLC since 2023.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
