Lawrence John Fawcett Jr. (also known as Larry Fawcett Jr.) has been named in a customer initiated investment related arbitration claim where the customer was awarded $35,663.00 in compensatory and punitive damages founded on a FINRA Arbitrator finding Fawcett liable on the customer’s causes of action including breach of fiduciary duty and fraud as it pertained to the customer’s investments in BlackBerry Ltd. stock. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00736 (Sept. 25, 2020).
According to the claim, the customer’s account was exposed to excessive and unsuitable trading. A contract between the customer and the securities broker dealer had been breached. Misrepresentations and omissions were made by Fawcett concerning the customer’s investments.
Fawcett has been identified in seven additional customer initiated investment related disputes regarding allegations of his improper activities during the period that he was registered with Westpark Capital and Salomon Whitney Financial. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Fawcett is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $30,000.00 in compensatory damages based upon findings of trades being effected on an unsuitable and unauthorized basis. According to the claim, inappropriate stocks had been purchased and sold on margin.
Another customer initiated investment related arbitration claim regarding Fawcett’s activities was resolved for $13,500.00 in damages supported by allegations that unauthorized over-the-counter equities transactions were executed in the customer’s account causing losses for the Salomon Whitney customer. The stockbroker has also been referenced in a customer initiated investment related arbitration claim where the customer requested $260,038.00 in damages founded on allegations that a contract between the customer and the securities broker dealer had been breached and that unauthorized trades were effected in the customer’s account. FINRA Arbitration No. 18-01055 (Apr. 3, 2018). The claim also alleges negligence and churning of the customer’s equity portfolio by Fawcett during the time that he was associated with SW Financial.
Another customer filed an investment related arbitration claim concerning Fawcett’s activities in which the customer sought $33,271.06 in damages based upon allegations of transactions being unsuitable and excessive for the Westpark customer’s account. FINRA Arbitration No. 18-01928 (May 21, 2018). Fawcett is also the subject of a customer initiated investment related arbitration claim where the customer requested $400,000.00 in damages supported by allegations that misrepresentations had been made by the stockbroker and that a fiduciary duty had been breached in regard to the customer’s investments in private placements and stocks. FINRA Arbitration No. 20-00320 (Feb. 5, 2020).
Fawcett has been barred from associating with any FINRA member in any capacity founded on findings that he neglected to comply with a FINRA investigation into allegations of his business activities. Letter of Acceptance Waiver and Consent No. 2017056329801 (Mar. 26, 2018). According to the regulator, Fawcett failed to provide recorded testimony and had neglected to cooperate with the regulator’s requests for his documents and information. Fawcett violated FINRA Rules 2010 and 8210.
