Previously registered investment adviser Charles Laverty (also known as Charles Acheson Laverty) has been barred by FINRA for allegedly borrowing $1.35 million from an elderly couple according to FINRA’s decision, under review by investor rights attorney Alan Rosca.
According to the FINRA Decision, on November 13, 2018, the Department of Enforcement Hearing Panel found that Charles A. Laverty violated four FINRA Rules. Laverty allegedly borrowed a total of $1.35 million from his customers through a series of eight loans without notifying or obtaining approval from his employer firms, violating FINRA Rules.
Charles Laverty also allegedly provided false statements on his firm’s compliance questionnaire and heightened supervision attestation, in violation of FINRA Rules.
In addition, Laverty allegedly provided false testimony to FINRA about the loans during his on-the-record interview and he allegedly failed to disclose on his Form U4 material information related to an unsatisfied judgement and a federal tax lien, in violation of FINRA Rules.
The Hearing Panel barred Charles Acheson Laverty for the alleged undisclosed and unapproved loans with customers, false statements on his firm’s compliance questionnaire and heightened supervision attestation, and false statements during on-the record testimony with FINRA.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating activity related to Charles Laverty’s alleged borrowing of customer funds. Investors who are concerned about their investments with Laverty are encouraged to contact Alan Rosca for a free case evaluation and discussion of recovery options, or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or fill out the contact form on this webpage.
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Over $1.7 Million Reportedly Paid in Settlement to Charles Laverty Customers
According to Charles Laverty’s FINRA Brokercheck page, he is the subject of multiple customer dispute disclosures since 2007, totaling over $1.7 million in combined settlements.
In October 2018, a customer filed a dispute alleging breach of fiduciary duty, churning, elder abuse, fraud, misrepresentation, non-disclosure of material facts, unsuitability, failure to diversify, over-concentration of positions, and unauthorized trading and negligence. There was no specified amount for the alleged damages, but the customer received a settlement of $24,999 in September 2019.
A customer filed a dispute in May 2016 alleging breach of fiduciary duty, unsuitable investment strategy, financial abuse, fraud by misrepresentation, and improperly solicited and accepted loans from claimants. The customer was seeking $1.5 million for the alleged damages and received a settlement of $375,000 in July 2017.
One customer alleging breach of fiduciary duty, constructive fraud, fraud by misrepresentation and omission, breach of written contract, failure to supervise and control, financial abuse, violation of sate and federal securities laws, and violation of FINRA rules of fair practice, received a settlement award of $1,369,320 in 2014.
A customer who filed a dispute in December 2007 alleged failure to follow their instruction to sell their AMR stock. In May 2008, they received a settlement of $15,498.66.
Charles Laverty Was the Subject of Criminal Charges
According to Charles A. Laverty’s FINRA Brokercheck page, he was the subject of four criminal actions between 1965 and 1971, which were reportedly dismissed for various reasons. In August 1971, Charles Laverty reportedly was charged with one count of rape. He allegedly pleaded not guilty and the disposition was dismissed in January 1972.
In July 1965, Laverty was reportedly charged with one count of grand larceny in the first degree. He allegedly pleaded not guilty and this disposition was dismissed in July 1965.
In July 1965, Laverty was reportedly charged with one count of misdemeanor for a fraudulent check. The charges were dropped, and the disposition was dismissed in July 1965.
Charles Acheson Laverty reportedly received a similar charge in February 1965 for one count of misdemeanor for a fraudulent check. The charges were dropped, and the disposition was dismissed in February 1965.
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Laverty Was Registered with FINRA for 10 Years
Charles A. Laverty joined the securities industry in 2005, according to his FINRA Brokercheck page. He was first employed with Citigroup Global Markets from March 2005 until June 2007. He then switched to Morgan Stanley in June 2007 and remained there until January 2008. Laverty switched to Oppenheimer & Co in January 2008 and remained employed there until May 2010.
Charles Laverty started working for UBS Financial from May 2010 until November 2011. He then switched back to Oppenheimer & Co in November 2011 and remained there until March 2014.
Laverty joined Calton & Associates in March 2014 and remained there until February 2015. He then switched to TCFG Wealth Management in February 2015 and remained there until October 2015.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Potential Options for Charles Laverty Investors
Investor rights attorneys at Rosca Scarlato LLC law firm have years of experience in pursuing investor loss cases. They often represent victims of broker misconduct and are currently evaluating options for investors who are concerned about their investments with Charles Laverty.
Typically, cases like these are taken on a contingency fee basis. There is no fee or costs if there is no recovery. The firm advances costs and investors are required to pay only if there is a recovery.
Charles Laverty customers who are concerned about their investments with Laverty are encouraged to contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this page.
