James Lamont of Whitehall-Parker Securities, Inc. Suspended by FINRA for Alleged Unapproved Private Securities Transactions

FINRA alleges that between September 2015 and November 2017, Lamont engaged in unapproved private securiteis transacitons involving the sale of promissory notes relating to Woodbridge Group of Companies.

The Sonn Law Group is investigating allegations of misconduct against James Lamont. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

On October 1, 2019, James Lamont (CRD#:2846228) consented to the imposition of sanctions in the form of suspension for 18 months and a $10,000 fine by FINRA.

FINRA alleged that between September 2015 and November 2017, Lamont sold nearly $1.5 million worth of promissory notes related to the Woodbridge Group of Companies, a fraudulent offering previously deemed a $1.2-billion Ponzi scheme by the SEC.

In their findings, FINRA cited Lamont for engaging in unapproved private securities transactions involving the sale of Woodbridge Group promissory notes amounting to $1,467,000. Lamont himself received over $80,000 in commissions.

We previously reported that Woodbridge Group had been charged by the SEC for operating a Ponzi scheme and defrauding more than 8,400 investors through aggressive sales tactics. Steven Peikin of the SEC Enforcement Division stated, “[t]he only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

The current FINRA findings also allege that Lamont engaged in the unapproved private transactions without seeking approval from his current firm, Whitehall-Parker Securities.

Lamont’s BrokerCheck report has 22 disclosures, including ten customer complaints. The allegations against him include misrepresentations and unsuitable investments.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.