James Marten Lamont of San Francisco California a stockbroker formerly associated with Whitehall Parker Securities Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $2,000,000.00 in damages supported by allegations that the customer had been placed into bad investments including real estate securities and direct investment products including limited partnership interests and direct participation program interests by Lamont during the period in which he was employed by Independent Financial Group and Whitehall Parker Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01062 (Apr. 24, 2020).
Lamont has been identified in twelve additional customer initiated investment related disputes concerning accusations of the stockbroker’s misconduct when he was employed by securities broker dealers including Sammons Securities Company, Independent Financial Group and Whitehall Parker Securities. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim in reference to Lamont’s activities was resolved for $160,000.00 in damages based upon accusations of negligence and breach of contact with regard to real estate investment trust (REIT) and tenant in common (TIC) transactions. The claim also alleges that misrepresentations were made to the customer by Lamont during the time that he was associated with Sammons Securities Company.
Lamont is the subject of another customer initiated investment related arbitration claim which was settled for $95,000.00 in damages based upon allegations that tenant in common investments were not suitable for the customer of Independent Financial Group and Sammons Securities. According to the claim, securities laws were violated on a state and federal level. The claim also alleges that a fiduciary duty that was owed to the customer had been violated and that a contract was breached through the stockbroker’s actions.
An additional customer initiated investment related arbitration claim concerning Lamont’s activities was resolved for $99,000.00 in damages founded on accusations that due diligence was not performed by the stockbroker or Sigma Financial Corporation prior to the customer being sold tenant in common investments. The customer was allegedly defrauded and had invested based on misrepresentations that were made relating to the securities. The claim also alleges that a fiduciary duty was breached by way of Lamont’s bad tenant in common transactions.
Lamont has also been referenced in a customer initiated investment related arbitration claim on October 28, 2019 in which the customer requested $99,500.00 in damages supported by allegations of an unsuitable viatical settlement. FINRA Arbitration No. 19-02991. On March 24, 2020, a customer filed an investment related arbitration claim in reference to Lamont’s conduct where the customer sought unspecified damages based upon accusations that the customer had been sold an asset-backed debt security from Lamont which had resulted in losses. FINRA Arbitration No. 20-00192 (Mar. 4, 2020). According to the claim, the customer’s funds were paid to prior investors who sustained losses through him.
Lamont has also been fined $10,000.00 and suspended for 18 months from associating with any FINRA member in any capacity based upon findings of Lamont’s private securities transactions involving Woodbridge Group of Companies LLC promissory notes purchases. Letter of Acceptance Waiver and Consent No. 2017052705801 (Oct. 2, 2019).
According to the AWC, Lamont was not permitted by Whitehall Parker to effect sales of Woodbridge Group of Companies promissory notes. The AWC stated that Lamont was compensated for effecting $1,467,000.00 in sales to three customers that held accounts at Whitehall Parker and four other investors. FINRA determined that Whitehall Parker was not made aware of the transactions and had been lied to by Lamont with regard to his participation in the securities transactions when he completed compliance questionnaires in 2015 and 2017. Lamont’s activities were violative of FINRA Rules 2010 and 3280 and National Association of Securities Dealers (NASD) Rule 3040.
Lamont was also ordered by California Department of Business Oversight on October 30, 2018 to cease and desist offering and selling Woodbridge First Position Commercial Mortgages supported by allegations of Lamont having facilitated those sales between 2015 and 2016 as an unregistered Woodbridge agent. Woodbridge has since filed bankruptcy.
Lamont was discharged by Whitehall Parker on October 31, 2019 based on him being sanctioned by FINRA.
