Former Dallas Broker Wade Lawrence Gets 3-Year Prison Sentence for Fraud
In September, 2015, we posted a blog regarding former Dallas broker Wade Lawrence (CRD# 4512225) after he failed to appear for testimony during FINRA’s investigation. Last week, Lawrence was sentenced to serve three years in prison after a fraud conviction.
Lawrence was accused of falsely offering various investments to clients while registered with Southwest Securities, Inc. According to the allegations, he offered real estate ventures and securities sold away from the firm while informing clients they could receive a return between 20% and 100%. The allegations also state that Lawrence directed the investors to wire or mail the funds into his personal bank account.
Lawrence pleaded guilty in September to his alleged involvement in the fraud. Along with his three-year sentence, Lawrence must also repay over $1.5 million. The money he received from his clients was allegedly used to pay for personal expenses.
If you lost money while investing with former Dallas broker Wade Lawrence, schedule a free consultation with our securities fraud attorneys. We can discuss your possible claim. Call Meyer Wilson today.