Lawrence E. Hagedorn of Andover Kansas a stockbroker formerly registered with ON Equity Sales Company (ONESCO) has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative based on findings of Hagedorn pleading guilty to state securities laws violations. In the Matter of Lawrence E. Hagedorn Administrative Proceeding File No. 3-19791 (May 11, 2020).
Hagedorn pleaded guilty to violating a state securities regulation which was a felony offense. State of Kansas v. Lawrence E. Hagedorn Case No. 2019-CR-000402-FE. The stockbroker was sentenced to 12 months behind bars and ordered to pay $102,500.00 for engaging in unethical and dishonest business practices. The State of Kansas argued that Hagedorn borrowed money from customers on a routine basis in violation of Kansas Administrative Regulations Section 81-3-6(e)(22).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Hagedorn has been barred from associating with any FINRA member in any capacity supported by findings that he failed to provide FINRA with information requested of him during an inquiry. Case No. 2017055654101 (Feb. 26, 2018).
Hagedorn has been referenced in three additional customer initiated investment related disputes containing accusations of his bad sales practices while employed by ONESCO, Ascend Financial Services and Securian Financial Services. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Hagedorn’s activities was settled for $7,200.00 in damages founded on allegations that customers used individual retirement account assets to fund a variable life insurance policy because of receiving bad investment advice from Hagedorn.
Another customer initiated investment related complaint concerning Hagedorn’s conduct was settled to resolve accusations that the Securian Financial Services customer’s investment instructions were not followed by Hagedorn which prevented the customer from cancelling a variable annuity policy. Hagedorn is also the subject of a customer initiated investment related complaint on January 4, 2018 where the customer sought $10,000.00 in damages based upon allegations of the customer not being repaid funds that were loaned to him during the time that he was associated with ONESCO.
Hagedorn was discharged by ONESCO supported by accusations of his unapproved customer loans.
