Did you lose money investing with Charles Laverty (CRD# 4875386)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Charles Laverty. If you suffered losses investing with Charles Laverty, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 14, 2020, Charles Laverty’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
Disclosure Events
4 Customer Dispute(s)
5 Regulatory Event(s)
See FINRA Disciplinary Proceeding No. 2016050205901 Complaint
See FINRA Disciplinary Proceeding No. 2016050205901 OHO Decision
2 Employment Separation After Allegations
4 Criminal Disclosure(s)
UPDATE 10/13/2020: According to FINRA’s February 2019 Disciplinary Actions: “Charles Acheson Laverty (CRD #4875386, Newport Beach, California) December 5, 2018 – Laverty appealed an OHO decision to the NAC. Laverty was barred from association with any FINRA member in all capacities. The sanction was based on findings that Laverty borrowed $1,350,000 from customers, an elderly married couple, while registered with four member firms without disclosing the loans to the firms or obtaining their approval. The findings stated that three of the firms prohibited registered representatives from borrowing from any client, whereas one of the firms permitted loans under limited circumstances but only with its CCO’s written permission, which he never provided to Laverty. Laverty never repaid the funds that he borrowed. The findings also stated that on compliance questionnaires provided by two of the firms, Laverty provided false answers about whether he borrowed funds from customers and whether he had judgements entered against him. The findings also included that Laverty provided false testimony to FINRA during its investigation into his borrowing from other persons. FINRA found that Laverty willfully failed to disclose material information on his Form U4 in regards to a civil judgment and tax lien. The sanction is not in effect pending review. (FINRA Case #2016050205901 Complaint and OHO Decision)
Current and Previous Registrations
02/19/2015 – 10/15/2015 TCFG WEALTH MANAGEMENT, LLC (CRD#:164153) Newport Beach, CA
03/17/2014 – 02/26/2015 CALTON & ASSOCIATES, INC. (CRD#:20999) PALM DESERT, CA
11/04/2011 – 03/17/2014 OPPENHEIMER & CO. INC. (CRD#:249) NEWPORT BEACH, CA
05/13/2010 – 11/22/2011 UBS FINANCIAL SERVICES INC. (CRD#:8174) INDIAN WELLS, CA
01/16/2008 – 05/13/2010 OPPENHEIMER & CO. INC. (CRD#:249) NEWPORT BEACH, CA
06/08/2007 – 01/15/2008 MORGAN STANLEY & CO., INCORPORATED (CRD#:8209) IRVINE, CA
03/23/2005 – 06/21/2007 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) NEWPORT BEACH, CA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Charles Laverty and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
