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.