Lawrence Roger Rice, of Lauderdale by the Sea, Florida, a stockbroker registered with Centaurus Financial Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rice refused to provide information and documents requested by FINRA in connection with its investigation into Rice’s resignation from Centaurus Financial. Letter of Acceptance, Waiver, and Consent No. 2024081415101 (August 14, 2024).
FINRA started an investigation after Centaurus Financial Inc. alleged in a Form U5 (Uniform Termination Notice for Securities Industry Registration) that Rice failed to timely disclose a pending civil action. These disclosures were required by industry regulations and the securities broker dealer’s policy.
On May 15, 2024, FINRA sent Rice a request for documents and information related to the investigation. Rice confirmed with FINRA that he got the request on July 12, 2024, but would not comply with the request at any time. Therefore, Rice violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally reveals that on May 25, 2010, a customer initiated investment related FINRA securities arbitration claim involving Rice’s conduct was settled for $10,300.00 in damages based upon the alleged unsuitable investment recommendation and misrepresentation of material fact in connection with the sale of mutual funds when Rice was associated with Morgan Keegan Company Inc. FINRA Arbitration No. 10-00454.
Rice was associated with Centaurus Financial Inc. in Lauderdale by the Sea, Florida, from October 21, 2022, to February 28, 2024. He was associated with Cetera Advisors LLC from September 8, 2022, to October 26, 2022, and First Allied Securities Inc. from December 22, 2014, to September 8, 2022.
