Update: Without admitting or denying the allegations, Lawrence consented to the sanctions (two year suspension) and to the entry of findings that he and his wife asked a customer for a personal loan in violation of FINRA rules and regulations.
The Financial Industry Regulatory Authority (FINRA) recently filed a complaint against Thomas Lawrence (Lawrence) in connection with allegations Lawrence received a personal loan in the amount of $39,000 from an elderly, retiree who was his customer at Ameritas. If FINRA’s allegations are true and proved, then Lawrence may be liable to the investor for investment damages or disciplined by FINRA, or both.
Lawrence (FINRA CRD No. 1839619) entered the securities industry in 1989. Over the course of his career, Langweiler worked for several firms. From 2006 until 2016, and during the relevant time period, Lawrence worked for Ameritas Investment Corp. (“Ameritas”). Lawrence is no longer associated with any FINRA member.
FINRA’s Department of Enforcement investigated Lawrence and alleged he borrowed funds from a customer. According to FINRA, Lawrence drafted and signed a promissory note reflecting the customer’s loan of $39,364.43 to him and his wife, plus another loan of $10,000 that Lawrence's wife obtained from the customer previously. The customer is allegedly 96-years old today. Further, Lawrence never informed Ameritas about the loan agreements.
Based upon the alleged misconduct, FINRA alleged Lawrence violated several FINRA rules and regulations, including FINRA Rules 2010 and 3240. FINRA Rule 3240 prohibits registered persons from borrowing money from or lending money to any customer certain conditions and/or exceptions are satisfied. A violation of FINRA Rule 3240 also constitutes a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principals of trade.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.