Former broker Thomas Laws plead guilty in Federal Court to four counts of wire fraud and one count of aggravated identity theft.
Laws, a resident of Silver City, New Mexico, worked as an accountant and registered broker. He provided account, tax preparation and investment services to clients. From 2008 until 2019 Laws allegedly schemed to obtain money by false pretenses and fraudulent misrepresentations to his clients, lenders and investors. Investors who believe they lost money as a result of Thomas Laws fraud allegations are encouraged to contact investor rights attorneys Alan Rosca and Paul Scarlato, of the Rosca Scarlato LLC law firm, who are currently evaluating recovery options.
Laws allegedly scammed other investors for $550,000 for a mining project that was fake. He allegedly used the $550,000 to pay off other victims of this scheme including a corporation.
Laws allegedly embezzled more than $1 million from Santa Fe Gold Corporation, an entity that he worked for and held the senior position as CEO.
Laws allegedly used investor funds for personal expenses for himself and his family to pay for credit card debts, travel, communication, media services, fire arms and cash payments totally more than $1.5 million.
Laws allegedly lied to 2 clients to convince them to invest in a fake real estate investment scheme. He allegedly fabricated documents indicating the clients’ investment was secured by a $650,000 mortgage. Laws allegedly misrepresented the property to these clients. He allegedly had previously mortgaged the property to other lenders. He defaulted and the property was under foreclosure. Laws allegedly took the $650,000 and gave it to other clients he had schemed in the past. Laws is facing up to 81 months in prison for his alleged fraud.
Investors who believe they may have lost money in the alleged fraudulent activity and misrepresentation of Thomas Laws, are encouraged to contact investor rights attorneys Alan Rosca or Paul Scarlato with any useful information or for a free, no obligation discussion about their options.
Thomas Laws has 2 Recent Customer Disputes
Thomas Laws has a pending customer dispute from January 2020. Laws allegedly took claimant funds and invested in fraudulent investment and misappropriated their funds for personal use, FINRA states.
This pending customer dispute has a damage amount requested of $999,000, FINRA notes.
Laws has a second pending customer dispute also from January 2020. Laws allegedly took these claimants’ funds and invested in fraudulent investment and misappropriated their funds for personal use, FINRA states.
This pending customer dispute has a damage amount requested of $109,575, FINRA notes.
Thomas Laws Has a Pending Criminal Charge
Thomas Laws has a pending Criminal Complaint. The charges against Laws outlined in the complaint include transportation, transmission and transfer of money stolen, converted and taken by fraud, aggravated identity theft and wire fraud, FINRA states.
Thomas Laws is Barred by Securities and Exchange Commission with a Civil Judgment of $705,000 and Barred by FINRA
Thomas Laws has a regulatory complaint from July 2019 initiated by the US Securities and Exchange Commission.
Laws has a civil judgment from November 2018 for $705,000 and is barred.
From August 2016 through February 2018 he allegedly had approximately $1.1 million dollars transferred to him from an corporation to a entity that he controlled for various purposes including purchase of a silver mine, acquisition of the mining claims and purchase of mining equipment along with other services for the corporation related to the silver mine. Laws allegedly agreed to repay funds to this corporation and initiated a promissory note to repay fund in the amount of $930,000. The promissory note matured but Laws has only repaid $325,000. The corporation identified further funds allegedly misappropriated by Laws for a total of at least $1.1 million dollars. Laws allegedly misappropriated those funds to attempt to hide his theft by fabricating documents, forging vendor invoices, agreements, back records, communications and signatures. Laws allegedly filed documents with the commission that were materially false and misleading. As of the time of this article, Laws has not repaid or accounted for these investor funds, FINRA states.
Law has a regulatory complaint from April 2019 and was barred by FINRA for refusing to appear and provide 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, FINRA notes.
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.
Invested with Thomas Laws? Investor Rights Attorneys Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and are currently investigating Thomas Laws’ alleged violations. 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, and 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 Laws’ alleged criminal activity, may contact attorneys Alan Rosca or Paul Scarlato 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.
