Christopher Laws (CRD#: 4479529), a former broker with BCG Securities, Inc. (CRD#: 70) in Roswell, Georgia, has been permanently barred from the securities industry by the Securities and Exchange Commission (SEC), according to his BrokerCheck record accessed on March 4, 2020.
On July 31, 2017, the SEC rendered a judgment against Christopher Laws, mandating that he pay $132,615.34 in disgorgement. What happened to lead to this sanction? The SEC alleges that, from approximately March 2012 to November 2014, Christopher Laws, along with three other brokers, convinced federal employees to roll over significant funds from their federal retirement plans (known as Thrift Savings Plans) to variable annuities. Christopher Laws allegedly promoted these variable annuities under the banner of Keystone Capital Partners, Inc., which did business as Employee Benefits Counselors. Christopher Laws allegedly misled these federal employees, all of whom were 59 ½ years old or older, into thinking that this variable annuity was approved by, or affiliated with, the federal government.
How did Christopher allegedly defraud federal employees? Christopher Laws, along with the other brokers, used an eagle insignia to make documents look official. They also used the name Federal Employee Benefits Counselors, obscuring the fact that they were affiliated with a broker-dealer, not the federal government. Christopher Laws and his three fellow brokers sold $40 million worth of variable annuities—200 annuities in all—to federal employees who used money from their retirement accounts to fund their purchases. As a result, the brokers allegedly pocketed $1.7 million in commissions. Some of the defendants named in the SEC’s complaint opened brokerage accounts in investors’ names without the investors’ knowledge or consent. Some investors did not find out about these accounts until after their retirement accounts had been liquidated to purchase a variable annuity.
On December 30, 2019, the Securities and Exchange Commission (SEC) permanently barred Christopher Laws from the securities industry. As a result, he is no longer allowed to act as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or register as a nationally recognized statistical rating organization (NRSRO). He is also barred from participating in any penny stock offering.
Prior to his troubles with the SEC, Christopher Laws was also terminated from a firm. On December 1, 2014, LPL Financial LLC terminated Christopher Laws after the firm expressed concerns regarding his business practices, including his communications with customers.
Over his 15-year career in the securities industry, Christopher Laws worked for the following firms:
- BCG Securities, Inc. (CRD#: 70)
- LPL Financial LLC (CRD#: 6413)
- Triad Advisors, Inc. (CRD#: 25803)
- Sammons Securities Company, Inc. (CRD#: 115368)
- Walnut Street Securities, Inc. (CRD#: 15840)
If Christopher Laws was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free case consultation.