According to a recent InvestmentNews article, a former LPL broker, James E. “Jeb” Bashaw, lost a securities arbitration decision last month in which he sought $30 million in damages, claiming the company ruined his career. Bashaw was fired from LPL in 2014, and sued the firm and its former CEO, Mark Casady, two years later. Bashaw was fired from LPL for allegedly participating in private securities transactions without written disclosure or approval; engaging in a business transaction without written disclosure or approval; and borrowing money from a client. These are all against securities laws. According to the arbitration decision, “LPL commenced an audit in furtherance of its plan to raid JebCo’s employees, steal Bashaw’s clients, and to destroy his career.” He also claimed defamation, intentional infliction of emotional distress, raiding and other allegations.
According to his BrokerCheck with the Financial Industry Regulatory Authority (FINRA), Jeb Bashaw was previously registered with Merrill Lynch, Kidder, Peabody & Co., Thomas F. White & Co., First America Equities Corp, Augusta Securities Corp, SunTrust Equitable Securities, J.C. Bradford & Co., UBS, LPL in Houston, Texas from November 2001 until October 2014 and Wunderlich Securities. He is currently registered with International Assets Advisory in Houston, Texas and has been since October 2014. He has three customer disputes against him, one of which is currently pending.
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