Chay Thomas Lapin, of Torrance, California, a stockbroker associated with WealthForge Securities, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $552,535.65 in damages based upon allegations that Lapin failed to conduct reasonable due diligence, was negligent, made unsuitable recommendations, failed to supervise, made misrepresentations and omissions, and breached both a contract and fiduciary duty in connection with the sale of private placements during the time that Lapin was associated with WealthForge Securities. FINRA Arbitration No. 23-00559 (May 2, 2023).
FINRA Public Disclosure shows that Lapin was referenced in six other customer initiated investment related disputes concerning Lapin’s conduct while associated with securities broker dealers. On January 9, 2023, a customer filed an investment related FINRA securities arbitration claim involving Lapin’s conduct in which the customer requested $2,523,243.13 in damages based upon allegations that Lapin was negligent, failed to make material disclosures, provided unsuitable advice, made misrepresentations, and breached a fiduciary duty in connection with the sale of private placements during the time that Lapin was associated with WealthForge Securities. FINRA Arbitration No. 22-02797.
On January 9, 2023, another customer filed an investment related FINRA securities arbitration claim involving Lapin’s conduct in which the customer requested $4,108,931.83 in damages based upon allegations that Lapin failed to conduct reasonable due diligence, failed to make material disclosures, made misrepresentations and omissions, was negligent, and breached both a contract and fiduciary duty in connection with the sale of private placements at WealthForge Securities. FINRA Arbitration No. 22-02798.
Lapin was also referenced in a customer initiated investment related claim in which the customer requested $1,800,000.00 in damages based upon alleged negligence, unsuitable advice, misrepresentations, and breach of fiduciary duty by Lapin. FINRA Arbitration No. 22-02796 (February 8, 2023).
Lapin was also referenced in a customer initiated investment related claim in which the customer requested $1,179,043.06 in damages based upon allegations that Lapin breached a fiduciary duty, demonstrated negligence, and misrepresented or omitted material facts in connection with the sale of private placements at WealthForge Securities LLC. FINRA Arbitration No. 23-00560 (May 2, 2023).
According to Public Disclosure:
“Mr. Chay Lapin was a registered representative of Wealthforge Securities (“WFS”). While at WFS, Mr. Lapin was never an owner, executive officer, supervising principal, or compliance officer, and never held any managerial functions at WFS the broker-dealer. Additionally Mr. Lapin has never known or had any association with a number of the customers listed in these arbitrations involving, Nelson Skyloft DST. Mr. Lapin has been deliberately and wrongfully listed as a respondent many times by the plaintiffs’ attorney, Kalju Nekvasil. This dispute is between the plaintiffs and WFS directly and not Mr. Lapin. Mr. Lapin’s attorney will be filing a motion to dismiss Mr. Lapin from this arbitration.”
Lapin was associated with WealthForge Securities in Torrance, California from June 12, 2017, to July 28, 2020. He was also associated with Growth Capital Services Inc. in Torrance, California from July 23, 2020, to January 14, 2022. Lapin has been associated with FNEX Capital LLC, in Indianapolis, Indiana, since January 23, 2022.
