For Investors Interested in Bringing Claims Against Laidlaw & Company

Recently, United Kingdom-based Laidlaw & Co. was sanctioned by the Financial Industry Regulatory Authority (FINRA). According to the firm’s BrokerCheck report with FINRA, the firm has five regulatory sanctions against it. In May 2018, FINRA sanctioned Laidlaw in connection to allegations that it failed to establish and maintain a supervisory system, as well as written supervisory procedures, that were adequately designed to guarantee that representatives’ recommendations of leveraged and inverse exchange traded funds (ETFs), were in compliance with securities laws and rules. FINRA also found that the firm did not impose “product-specific limitations” on its representatives’ ability to recommend that customers trade in or hold non-traditional ETFs. Representatives allegedly solicited 869 purchases of non-traditional ETFs and 946 sales of non-traditional ETFs spanning 312 client accounts. In 2016, the firm was sanctioned in connection to allegations it charged unfair and unreasonable commissions, as well as a “handling fee” on certain equity transactions. Specifically, FINRA found it charged more than $27,000 in excessive commissions on 421 transactions. The firm was fined $10,000 and censured, and was ordered to pay restitution exceeding $27,000.