Lawrence John Fawcett Jr. of Los Angeles California is a stockbroker formerly registered with Westpark Capital Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of Fawcett’s unapproved outside business activities. Letter of Acceptance Waiver and Consent No. 2017056329801 (Mar. 26, 2018).
According to the AWC, on February 20, 2018, FINRA requested that Fawcett provide recorded testimony on March 5, 2018 in regard to outside business activities that Fawcett apparently engaged in. The AWC stated that on February 23, 2018, another request was sent by FINRA which called upon Fawcett to furnish information and documentation pertaining to his activities by March 2, 2018. Evidently, Fawcett failed to comply with either of FINRA’s requests – he failed to provide the information and documentation that FINRA asked for and never testified for FINRA personnel.
The AWC revealed that on March 1, 2018, Fawcett’s counsel communicated to FINRA that Fawcett understood what FINRA sought from him but would at no point be cooperating in FINRA’s investigation. FINRA found that Fawcett’s failure to cooperate was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.
This is not the first time that Fawcett has been subject of a FINRA disciplinary action. Particularly, he has been fined $2,500.00, disgorged of $22,714.30 and suspended by FINRA in all capacities based upon consenting to findings that he violated FINRA Rules 2010 and 2111 by making unsuitable mutual fund investment recommendations to a Salomon Whitney LLC Financial customer during the time Fawcett was associated with that firm. Letter of Acceptance Waiver and Consent No. 2015043939101 (Dec. 18, 2017).
FINRA Public Disclosure further reveals that on April 9, 2013, a customer filed an investment related written complaint concerning Fawcett’s conduct in which the customer requested $7,912.23 in damages based upon accusations that while Fawcett was associated with Rockwell Global Capital, LLC, he placed stock trades in the customer’s account without procuring the customer’s consent. Thereafter, a customer was awarded $30,000.00 in damages according to an investment related arbitration claim in which Fawcett had been found liable for effecting unsuitable equity trades and utilizing margin without the customer’s consent during the time Fawcett was associated with Salomon Whitney LLC. FINRA Arbitration No. 15-00570 (June 15, 2016).
Thereafter, a customer filed an investment related arbitration claim pertaining to Fawcett’s activities where the customer sought $20,000.00 in damages founded on allegations that while Fawcett was employed with Salomon Whitney LLC, he executed unauthorized over-the-counter equities trades in the customer’s investment portfolio. FINRA Arbitration No. 17-00781 (Apr. 7, 2017).
Fawcett was fired by WestPark Capital Inc. on March 2, 2018 based upon accusations that he engaged in unapproved business activities and falsely represented his activities in that regard to his firm.
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