Wade Lawrence (CRD # 4512225) has
consented to sanctions from by the Financial Industry Regulatory Authority (FINRA) for failing
to appear and provided requested testimony during the course of an investigation.
According to FINRA, it started an investigation around December 2013 because
it received a regulatory tip alleging that Mr. Lawrence had misappropriated
funds from customers.
At the time of the alleged misconduct, Mr. Lawrence was registered with
Southwest Securities, Inc. in Dallas. Through a Letter of Acceptance,
Waiver, and Consent (AWC), Mr. Lawrence agreed to a bar from any FINRA
member in any capacity for his failure to cooperate with the FINRA investigation.
In a parallel criminal action in the Northern District of Texas, Mr. Lawrence
pleaded guilty this week to a felony information charge of securities
fraud. According to court filings in that case, Mr. Lawrence engaged in
a scheme to defraud investors from January 2012 to September 2013, during
the time he was a broker at Southwest Securities.
Prosecutors alleged that Mr. Lawrence falsely offered for sale various
investments, including real estate venture and securities sold away from
Southwest Securities, and that he told investors they could receive anywhere
from a 20 to 100 percent return. In each case, the court filings indicated
that Mr. Lawrence directed investors to mail or wire funds to Mr. Lawrence’s
own personal account at Wells Fargo Bank.
With his plea, Mr. Lawrence faces a maximum penalty of five years in federal
prison and a $250,000 fine. If you invested with Wade Lawrence and lost
money, call us at Meyer Wilson today. We will provide a free review of
your case so you can learn your legal rights and options.