Goodman & Nekvasil P.A., May Recover Investor Losses | Lorraine Annette Conaway (Lorraine Conaway) Financial Advisor Suspended from Securities Industry
From 2015 until Lorraine Conaway’s firing in 2016, Lorraine Conaway worked for USA Financial Securities Corporation. Lorraine Conaway previously worked for J.P. Turner & Company, L.L.C. According to FINRA’s records, Lorraine Conaway was fired by USA Financial Securities Corporation on May 9, 2016. USA Financial Securities Corporation reported to FINRA that Lorraine Conaway’s registrations were terminated for failure to comply with Firm advertising and OBA procedures, participating in financial transactions with securities clients, and failure to fully cooperate with a firm investigation.
FINRA also reports that Lorraine Conaway was suspended from the securities industry for 9 months. FINRA reports that Lorraine Conaway consented to the sanctions and to the entry of findings that she failed to timely and completely disclose the scope of her real estate related outside business activities to her member firm. The findings stated that Lorraine Conaway established a company to refer clients to investments in rental real estate properties. FINRA reports that Lorraine Conaway referred individuals who were interested in purchasing investment rental properties to real estate vendors through her company. According to FINRA, some of the individuals that Lorraine Conaway referred to real estate vendors through her company included her securities clients, who were customers of her member firms. FINRA reports that Lorraine Conaway began a business relationship with a vendor of distressed rental properties in St. Louis, Missouri. FINRA reports that the vendor was a company controlled by an individual who had pleaded guilty to unrelated federal charges arising from his role, with others, in submitting false loan applications to banks, and had been sentenced to 15 months imprisonment. According to FINRA, approximately one-third of Conaway company’s referral business was directed to the individual’s program for selling and rehabbing distressed rental property in St. Louis. According to FINRA, the remaining referral business was directed to other third-party real estate vendors. According to FINRA, Lorraine Conaway’s company received over $450,000 in referral fees from the individual’s vendor company and referred to the individual more than 35 individuals who contracted to purchase one or more rental properties from the individual’s vendor company. According to FINRA, Lorraine Conaway expanded the scope of her real estate outside business activities in an attempt to address grievances from clients she had referred to the individual. Additionally, according to FINRA, Lorraine Conaway and others organized two more companies, as outside business activities, to buy and hold rental properties and then used this entity to make an acquisition from a dissatisfied client, and to buy and hold other rental properties for her own account.
Lorraine Conaway reported to FINRA that Lorraine Conaway previously filed for Chapter 7 bankruptcy in 2010.
If you lost any money on investments with Lorraine Conaway, you may be able to recover your losses from USA Financial Securities Corporation and/or J.P. Turner & Company, L.L.C. This is because USA Financial Securities Corporation and J.P. Turner & Company, L.L.C. had a duty to supervise Lorraine Conaway.
If you lost money on investments with Lorraine Conaway and believe that 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 against USA Financial Securities Corporation and/or J.P. Turner & Company, L.L.C. concerning Lorraine Conaway’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.
Goodman & Nekvasil, P.A. has recovered approximately $170 million on behalf of victimized investors. If you lost money on investments with Lorraine Conaway 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.