Lawrence Brazie (CRD# 857097), a registered representative with Westminster Financial Securities, Inc. in Dayton, Ohio, is currently involved in a customer dispute, filed on June 25, 2019, in which a client alleges “unsuitable investments, negligent hiring, failure to supervise, misrepresentations and omissions, and breach of purported settlement agreement,” according to his BrokerCheck record. The claimant is seeking $468,249.17 in damages.
Unsuitability and failure to supervise are two securities violations that are intrinsically linked. Per FINRA Rule 3110, broker-dealers have a responsibility to establish a system whereby brokers’ activities are properly supervised by the firm, ensuring compliance with all applicable rules and regulations. When a broker-dealer fails to properly supervise a registered representative, that broker might recommend an investment that is unsuitable given a particular client’s investment objectives and risk tolerance, resulting in losses to the client’s portfolio.
The June 25, 2019 dispute alleging failure to supervise is not the only time Lawrence Brazie has been the subject of a client complaint. On September 28, 2001, a customer “alleged activity in a managed investment account was unsuitable, negligent and represented a breach of fiduciary duty.” The client originally sought $150,000 in damages but was granted $23,000 in damages as part of an award/judgment. According to his broker comment on BrokerCheck:
Customer entered into an investment management agreement with a related investment advisory firm in 1996. Customer had expressed a desire to have their account managed more aggressively in response to his perception of potentially greater returns attainable during the rise in the broader technology and growth market segments. The customer was then disatisfied [sic] with the negative returns associated with this investment style during the subsequent significant downturn experienced in the broader technology and growth markets. Representative and firm were found to be joint and severally liable though representative was not directly responsible for the management of the account.
At the time the allegations occurred, Lawrence Brazie was working for Westminster Financial Services, Inc.
In addition to working for Westminster, Lawrence Brazie has also worked for:
- FSC Securities Corporation (CRD#: 7461)
- Lutheran Brotherhood Securities Corp. (CRD#: 4205)
If Lawrence Brazie has been your broker or if you have questions about failure to supervise, please don’t hesitate to contact the knowledgeable securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com.