Charles Laverty – Charles Acheson Laverty, Financial Advisor Barred from Securities Industry Pending Review | Goodman & Nekvasil P.A., May Recover Investor Losses

Charles Laverty – Charles Acheson Laverty, Financial Advisor Barred from Securities Industry Pending Review | Goodman & Nekvasil P.A., May Recover Investor Losses

Charles Laverty was previously licensed with TCFG Wealth Management, LLC and Oppenheimer & Co. Inc. in Newport Beach, California. FINRA reports that Charles Laverty was barred from the securities industry in November 2018.  

ACCORDING TO FINRA: Charles Laverty was barred from association with any FINRA member in all capacities and ordered to pay hearing costs in the amount of $2,483.22, consisting of a $750 administrative fee and $1,733.22 for the cost of the transcript. 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 Chief Compliance Officer’s written permission, which he never provided to Laverty. Laverty had extracted eight separate loans totaling $1.35 million, which he never repaid. Had he sought the firms’ written approval for the loans as required by FINRA rules, he likely would have been prevented from borrowing the money and the elderly customers would not have suffered any loses at his hands. The findings also stated that Laverty provided false answers on a firm’s heightened supervision attestation about borrowing from customers and on another firm’s annual compliance certification about borrowing from customers and having no judgements entered against him. The findings also included that Laverty provided false testimony to FINRA during a prior investigation into his borrowing from other persons. FINRA found that Laverty willfully failed to disclose material information on his Uniform Application for Securities Industry Registration or Transfer (Form U4) in regard to a civil judgment and tax lien. For his willful failure to disclose material information on his Form U4 Laverty would be suspended for nine months and fined $15,000. In light of the bars, the Panel does not impose the suspension and fine. On December 5, 2018, Laverty appealed the decision to the NAC. The sanctions are not in effect pending the review.

According to Charles Laverty’s CRD, an arbitration claim was filed alleging sales practice violations against Charles Laverty. According to Charles Laverty’s CRD, claimants allege from 2008 – 2016 breach of fiduciary duty, unsuitable investment strategy, financial abuse, fraud by misrepresentation, improperly solicited & accepted loans from claimants. This arbitration claim was settled.

If you lost money on investments with Charles Laverty and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Charles Laverty’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Charles Laverty and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  

Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange

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