Lawrence John Fawcett Jr. (also known as Larry Fawcett), of Los Angeles, California, a stockbroker formerly registered with WestPark Capital Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $545,727.12 in compensatory damages based upon WestPark Capital being found liable on the customer’s causes of action, including violation of state and federal securities laws relating to private placement transactions. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00320 (May 25, 2021).
The Statement of Claim alleges that WestPark Capital failed to supervise Fawcett’s activities, resulting in unsuitable private placement and precious metals transactions and excessive trading of the customer’s account. According to the Statement of Claim, misrepresentations and omissions had been made relating to private placements in Protagenic Therapeutics Inc., Miramar Labs Inc., and Monster Digital Inc. The customer was allegedly defrauded on those transactions.
FINRA Public Disclosure shows that Fawcett has been identified in eight additional customer initiated investment related disputes regarding accusations of his harmful activities while he was employed by WestPark Capital, Salomon Whitney LLC, and Rockwell Global Capital LLC. On April 3, 2018, a customer filed an investment related FINRA securities arbitration claim regarding Fawcett’s activities where they sought $260,038.00 in damages founded on allegations of breach of contract and negligence relating to Fawcett’s trading of stocks in the customer’s SW Financial account. FINRA Arbitration No. 18-01055 (April 3, 2018). The claim alleges unauthorized trading and churning by the stockbroker.
Fawcett is also identified in a customer initiated investment related FINRA securities arbitration claim which was resolved for $55,000.00 in damages supported by accusations of Fawcett churning the customer’s stock portfolio during the time that Fawcett was employed by WestPark Capital. FINRA Arbitration No. 18-01928 (May 16, 2019). The claim alleges unsuitable and excessive transactions by Fawcett.
Fawcett is the subject of a different customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $5,663.00 in compensatory damages and $30,000.00 in punitive damages based upon Fawcett being found liable on the customer’s claims of breach of fiduciary duty and breach of contract relating to an investment in BlackBerry Ltd. FINRA Arbitration No. 20-00736 (September 28, 2020). The Statement of Claim alleges omissions and misrepresentations by Fawcett, and excessive trading in the customer’s account.
On August 11, 2021, another customer initiated investment related FINRA securities arbitration claim concerning Fawcett’s conduct was settled for $10,000.00 in damages founded on allegations of unauthorized trading of stock and over-the-counter equities in the customer’s account by Fawcett when he was associated with SW Financial. FINRA Arbitration No. 21-00563. The claim alleges that SW Financial failed to supervise, resulting in the customer being defrauded. The claim also contains accusations of breach of fiduciary duty.
Fawcett has been barred from associating with any FINRA member in any capacity supported by findings that he obstructed a FINRA investigation by failing to testify about allegations of his undisclosed outside business activities. Letter of Acceptance, Waiver, and Consent No. 2017056329801 (March 26, 2018). Fawcett violated FINRA Rules 2010 and 8210 by failing to cooperate in the regulator’s investigation.
