Lance R. Shaw of Wynnewood Pennsylvania a stockbroker formerly employed by LPL Financial LLC is the subject of a customer initiated investment related arbitration claim which settled for $65,000.00 in damages founded on accusations that (1) unauthorized trades were executed in the customer’s account (2) trades were effected in an excessive manner (3) misrepresentations had been made to the customer about mutual funds products (4) investments failed to be suitable given the customer’s objectives for investing and tolerance for risk. FINRA Arbitration No. 17-02014 (Dec. 28, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Shaw is referenced in nine additional customer initiated investment related disputes containing allegations of his violative conduct while employed with securities broker dealers including LPL Financial LLC and Stifel Nicolaus Company. Specifically, between July 16, 2015 and August 24, 2015, four customer initiated investment related complaints concerning Shaw’s conduct were resolved for a total of $71,773.77 in damages based upon accusations of Shaw effecting unauthorized trades in customers’ accounts.
Then, a customer initiated investment related arbitration claim involving Shaw’s conduct was settled for $60,000.00 in damages supported by allegations of excessive and unauthorized trading of stocks on a short-term basis in the customer’s account when Shaw was associated with LPL Financial LLC. FINRA Arbitration No. 15-01396 (Oct. 29, 2015). Shaw is also referenced in a customer initiated investment related arbitration claim which was resolved for $177,000.00 in damages founded on accusations of the customer’s retirement account having been excessively traded by Shaw; and an inappropriate and unsuitable investment strategy being implemented by Shaw for the customer’s account during the period in which Shaw was employed by Stifel Nicolaus Company Inc. FINRA Arbitration No. 15-00431 (Apr. 27, 2016).
FINRA Public Disclosure additionally reveals that Shaw has been barred from associating with any FINRA member in any capacity based upon allegations that Shaw failed to respond to FINRA’s request for information concerning his trading activities or other conduct possibly violative of FINRA rules. Case No. 2016048486101 (Aug. 16, 2016). Specifically, after Shaw failed to comply with FINRA’s inquiry, he was sent a Notice of Suspension letter dated May 16, 2016 and then a Suspension from Association letter dated June 9, 2016. Apparently, Shaw was granted until August 15, 2016 to request that his suspension be lifted; however, Shaw failed to respond to the regulator by the deadline. Consequently, Shaw was barred in all capacities by FINRA on August 16, 2016.
