Nate Clay (CRD#: 4525541), who formerly worked as a broker for Laidlaw & Company (UK) Ltd. (CRD#: 119037), has been suspended by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on April 27, 2020.
On March 18, 2020, Nate Clay failed to respond to FINRA’s request for information. As a result, FINRA suspended him indefinitely starting on April 13, 2020. Unfortunately for Nate Clay, the suspension date won’t mean much because he is already currently suspended by FINRA. On August 28, 2019, FINRA suspended him indefinitely after he failed to comply with an arbitration award or settlement or failed to satisfactorily respond to a FINRA request for information regarding the status of his compliance. FINRA stated that the suspension would last indefinitely until Nate Clay was able to pay the arbitration award. A copy of the arbitration award can be viewed here. Nate Clay was ordered to pay $14,574.86 in compensatory damages plus 12% interest. He was also ordered to pay $86,986.23 in attorneys’ fees. According to FINRA’s records, Nate Clay has not complied. His failure to comply with an arbitration may be because, on March 28, 2017, he became subject to a civil judgment of $16,174.94.
Nate Clay’s recent troubles with FINRA are not the only disclosures on his BrokerCheck record. On June 18, 2008, a customer alleged that the broker engaged in excessive trading and used margin improperly. When a client trades on margin, they borrow funds from the brokerage firm and put their securities up as collateral; trading on margin can be risky for clients. The matter later settled.
On November 4, 2015, Nate Clay was permitted to resign from National Securities Corp. What happened to lead to Nate Clay’s resignation from the firm? The firm initiated a Regulation S-P Internal Review before he submitted his resignation letter. The firm found that the broker misappropriated non-public customer information. The firm issued a cease and desist order. Soon after Nate Clay left National Securities Corp., on December 28, 2015, clients alleged that he engaged in unauthorized trading, acted negligently, breached his fiduciary duty, and made misrepresentations. The clients sought $513,218.40 in damages. FINRA’s records state that the dispute is pending, though this may be an error.
Over his 16 years in the securities industry, Nate Clay has worked for four broker-dealers. In addition to Laidlaw & Company (UK) Ltd. (CRD#: 119037), he has also worked for:
- National Securities Corporation (CRD#: 7569)
- Casimir Capital L.P. (CRD#: 105061)
- Kuhns Brothers Securities Corporation (CRD#: 47331)
If Nate Clay 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 with a securities attorney.