Thomas H. Laws of Silver City New Mexico a stockbroker formerly associated with HD Vest Investment Services and Santa Fe Gold Corporation has been barred by Securities and Exchange Commission (SEC) from associating with any securities broker dealer or investment adviser founded on accusations against the stockbroker of misappropriation and forgery. In the Matter of Thomas H. Laws Order No. 3-19244 (July 10, 2019).
SEC noted in the Order that Laws is the subject of a judgment in which he was ordered to disgorge $705,000.00 in ill-gotten gains and to refrain from engaging in any activities in the future which are violative of federal securities laws or regulations founded on accusations that the stockbroker committed fraud in violation of the Securities Exchange Act of 1934 Section 10(b), Securities Act of 1933 Section 17(a) and SEC Rule 10b-5. Securities and Exchange Commission v. Thomas H. Laws et al. Case No. 1:18-cv-01063 (June 28, 2019).
SEC alleged in its Complaint against Laws that between August of 2016 and February of 2018, $1,100,000.00 investor funds had been misappropriated or stolen by the stockbroker. Securities and Exchange Commission v. Thomas H. Laws et al. Case No. 1:18-cv-01063 (Nov. 15, 2018). Allegedly, Laws created or distributed fictitious or unauthorized account documentation to one or more customers of the securities broker dealer. SEC determined that Laws should be barred given the judgement entered against him in conjunction with the allegations made in the Complaint.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Laws has been barred from associating with any FINRA member in any capacity based upon findings that the stockbroker violated FINRA Rules 2010 and 8210 by neglecting to provide recorded testimony before FINRA personnel during the period in which he was under investigation. Letter of Acceptance Waiver and Consent No. 2019061095601 (Apr. 10, 2019). According to the AWC, the stockbroker potentially violated FINRA Rule 3270 by becoming involved with an outside business activity without the securities broker dealer’s knowledge or authorization, and the stockbroker potentially violated FINRA Rule 3280 by engaging in an undisclosed private securities transaction when he was associated with HD Vest Investment Services Inc.
Laws’ employment with HD Vest was terminated on November 14, 2017.
