Former broker Thomas Laws, who formerly associated with H.D. Vest Investment Services, Inc. as a general securities representative, allegedly engaging in undisclosed outside business activities and/or private securities transactions while associated with H.D. Vest, according to a FINRA Letter of Acceptance, Waiver, and Consent (AWC) under review by investor rights attorney Alan Rosca.
On March 26, 2019, FINRA staff subsequently sent a request to Laws for on-the-record testimony pursuant to FINRA Rule, and, as stated in a phone call with FINRA staff on March 26, 2019, and by the AWC, Laws allegedly acknowledged that he received FINRA’s request and would not appear for on-the-record testimony at any time, the aforementioned AWC reports.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Thomas Laws’ alleged undisclosed outside business activities and/or private securities transactions. Investors who believe they may have lost money in activity related to former broker Thomas H. Laws’ alleged undisclosed outside business activities and/or private securities transactions are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
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Thomas Laws Barred by FINRA
Laws allegedly refused to appear and provide on-the-record testimony requested by FINRA staff pursuant to FINRA Rules, the AWC notes.
Via said conduct, he allegedly violated FINRA Rules, as FINRA requires persons over whom FINRA possesses jurisdiction to …provide information orally, in writing, or electronically…and to testify at a location specified by FINRA staff…with respect to any matter involved in the investigation, the AWC reports.
FINRA Rule 2010 provides that [a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade, the AWC states.
In 2019, FINRA commenced an investigation into whether Laws potentially allegedly violated FINRA rules by purportedly engaging in undisclosed outside business activities and/or private securities transactions while associated with HD Vest, the AWC details.
Former broker Thomas Laws was subsequently barred for refusing to appear and provide a FINRA requested on-the-record testimony in connection with an investigation into whether he potentially violated FINRA rules by allegedly engaging in undisclosed outside business activities and/or private securities transactions while associated with a member firm, the AWC reports.
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Laws Allegedly Misappropriated $1.1 Million of Investor Funds
Ex broker Thomas Laws is currently being investigated by the SEC for alleged misappropriation of at least $1.1 million of investor funds by Laws, the former chief executive officer of Santa Fe Gold Corporation, according to a Pending Civil Disclosure on Law’s FINRA Brokercheck Page under review by investor rights attorney Alan Rosca.
From at least August 2016 through February 2018, Santa Fe allegedly transferred directly to Laws and THL approximately $1.1 million of investors’ funds for various corporate purposes, including the purchase of a silver mine, the acquisition of mining claims, the purchase of mining equipment, and for third party services to the company, FINRA states.
Rather than use the funds for corporate purposes, Laws allegedly misappropriated said funds and attempted to hide his theft by fabricating documents, including by allegedly forging vendor invoices, agreements, bank records, communications, and signatures, FINRA reports.
Laws has spent 15 years in the securities industry, and has been registered with the following firms:
- HD Vest Investment Services, Silver City, New Mexico— November 29, 2006 to November 14, 2017
- NYLife Securities Inc., Silver City, New Mexico— February 4, 2002 to December 6, 2006
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.
Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating former broker Thomas Laws’ alleged undisclosed outside business activities and/or private securities transactions. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Thomas H. Laws ’ alleged undisclosed outside business activities and/or private securities transactions may 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 webpage.
