October 2020-San Francisco, CA
The FINRA records of James Martin Lamont , a broker who was previously employed by Whitehall-Parker Securities disclose 3 regulatory events, 10 settled customer disputes(which settled cumulatively, for about $1.5 million, 3 currently pending customer disputes and numerous tax liens.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March 2020, FINRA alleged that Lamont failed to pay fines/or costs of nearly $100,000 in FINRA case #2017052705801. Sanctions ordered were respondent’s FINRA registration was revoked on March 13, 2020.
In October 2019, FINRA case #2017052705801 alleged that Lamont engaged in private securities transactions without prior approval from his member firm. The findings stated that Lamont solicited investors to purchase promissory notes relating to a purported real-estate investment fund. Lamont sold $1,467,000 in the notes to investors, three of whole were also customers of his firm. Lamont received $81,417 in commissions in connection with these transactions. The US District Court for the Southern District of Florida issued final judgments against, among others, the fund and its former owner. Those judgements required the fund and its former owner to, among other things, disgorge their ill-gotten gains and also require the former owner to pay a civil penalty. The disgorgement was $81,417 and the personal fine levied was $10,000.
In October 2018, California Department of Business Oversight alleged that James Lamont sold real estate based loan instruments through Woodbridge Group, which claimed were non-securities but which were determined that they were.
From August 2009 until December 2014, ten customer disputes were filed against Lamont alleging among other things, misrepresentation, breach of contract, negligence, breach of fiduciary duty, violation of state and federal securities laws, unsuitable investments, omission of material fact, adequate due diligence, failure to supervise and fraud. The cases were settled for about $1.5M.
Lamont discloses numerous currently outstanding Internal Revenue Service tax liens totaling nearly $300,000.
If you have losses in an account handled by James Marten Lamont , contact us for a no charge consultation to discuss your legal options for recovery.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney, at no cost to you.
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