Lawrence John Fawcett (also known as Larry Fawcett Jr.) of Los Angeles, California, a stockbroker formerly registered with Westpark Capital and Salomon Whitney Financial, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member supported by allegations that Lawrence failed to pay an arbitration award to an investor.
FINRA Public Disclosure shows that Fawcett was the subject of a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $309,130.00 in compensatory damages founded on Fawcett being liable for sales practice violations. FINRA Arbitration No. 21-02577 (March 15, 2022). The customer’s Statement of Claim alleges negligent misrepresentation, breach of contract, unauthorized trading, unjust enrichment, omissions, negligence, unsuitability, and churning.
Fawcett has been sanctioned by FINRA on other occasions. He was fined $2,500.00 and suspended from associating with any FINRA member in any capacity based upon findings of him making unsuitable investment recommendations to SW Financial customers, as trades did not align with customers’ objectives of investing. Letter of Acceptance, Waiver, and Consent No. 2015043939101 (December 18, 2017).
Fawcett has also been barred from associating with any FINRA member supported by findings of him failing to testify or provide information and documents during an investigation into his business activities. Letter of Acceptance, Waiver, and Consent No. 2017056329001 (March 26, 2018). According to the AWC, Fawcett acknowledged requests for his testimony and documents and refused to comply with the regulators’ instructions. He violated FINRA Rules 2010 and 2111.
FINRA Public Disclosure shows that Fawcett has been identified in seven more customer initiated investment related disputes concerning accusations of his activities while employed by securities broker-dealers, including Rockwell Global Capital LLC, Westpark Capital, and SW Financial. He is the subject of a customer initiated investment related written complaint on June 1, 2017, in which the customer requested $10,650.00 in damages founded on allegations of unauthorized stock purchases for the customer’s account at Westpark Capital.
On May 16, 2019, another customer initiated investment related FINRA securities arbitration claim concerning Fawcett’s conduct was settled for $55,000.00 in damages based upon accusations of churning, unsuitable transactions, and excessive trading relating to common and preferred stock during the time that Fawcett was associated with Westpark Capital. FINRA Arbitration No. 18-01928 (May 16, 2019).
A different customer initiated investment related FINRA securities arbitration claim resulted in a FINRA Arbitrator’s order of $5,663.00 in compensatory damages and $30,000.00 in punitive damages supported by findings of fraud in relation to the customer’s investments in BlackBerry Ltd. stock. FINRA Arbitration No. 20-00736 (September 28, 2020).
Fawcett is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $545,727.12 in compensatory damages based on the customer’s claims of unsuitability, omissions, misrepresentations, violation of state and federal securities laws, negligence, breach of fiduciary duty, breach of contract, and fraud as it relates to private placements. FINRA Arbitration No. 20-00320 (May 25, 2021). The Statement of Claim alleges damages relating to Protagenic Therapeutics Inc., Monster Digital Inc., and Miramar Labs Inc. private placements and high-volume trades and precious metals purchases.
On August 11, 2021, another customer initiated investment related FINRA securities arbitration claim involving Fawcett’s activities was resolved for $10,000.00 in damages based upon allegations of breach of fiduciary duty, unauthorized trading, breach of contract, failure to supervise, unsuitable trading, and fraud concerning over-the-counter equities trades while Fawcett was registered with SW Financial. FINRA Arbitration No. 21-00563.
Fawcett was employed by Westpark Capital between June 26, 2015, and March 6, 2018.
