Did you lose money investing with James Lamont (CRD# 2846228)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with James Lamont. If you suffered losses investing with James Lamont, 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 July 1, 2020, James Lamont’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
13 Customer Dispute(s)
3 Regulatory Event(s)
1 Employment Separation After Allegations
10 Judgment(s)/Lien(s)
UPDATE 7/1/2020: According to FINRA’s December 2019 Disciplinary Actions: James Marten Lamont (CRD #2846228, Novato, California) October 2, 2019 – An AWC was issued in which Lamont was fined $10,000, suspended from association with any FINRA member in all capacities for 18 months and ordered to pay to FINRA disgorgement of commissions received in the amount of $81,417, plus interest. Without admitting or denying the findings, Lamont consented to the sanctions and to the entry of findings that he engaged in private securities transactions without prior approval from his member firm. The findings stated that Lamont solicited investors to purchase promissory notes relating to a purported real-estate investment fund. Lamont sold $1,467,000 in the promissory notes to investors, three of whom were also customers of his firm. Lamont received $81,417 in commissions in connection with these transactions. Lamont disclosed his activities to the firm in a questionnaire, but he identified it as an outside business activity, not a private securities transaction. On that same questionnaire, Lamont denied participating in any private securities transactions. Later, the fund filed a voluntary Chapter 11 bankruptcy petition. The United States District Court for the Southern District of Florida issued final judgments against, among others, the fund and its former owner. Those judgments required the fund and its former owner to, among other things, disgorge their ill-gotten gains and also required the former owner to pay a civil penalty. The suspension is in effect from November 4, 2019, through May 3, 2021. (FINRA Case #2017052705801)
Current and Previous Registrations
04/02/2015 – 10/31/2019 WHITEHALL-PARKER SECURITIES, INC. (CRD # 10608) SAN FRANCISCO, CA
12/15/2006 – 03/27/2015 INDEPENDENT FINANCIAL GROUP, LLC (CRD#:7717) NOVATO, CA
02/09/2002 – 12/18/2006 SAMMONS SECURITIES COMPANY, LLC (CRD#:115368) NOVATO, CA
08/08/1997 – 02/09/2002 WALNUT STREET SECURITIES, INC. (CRD#:15840) EL SEGUNDO, CA
02/25/1997 – 09/05/1997 FORTIS INVESTORS, INC. (CRD#:421) OAKDALE, MN
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 James Lamont 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.