Did Lewis Nelson Lester Sr. Cause You Investment Losses?
Lewis Nelson Lester Sr. of Cumming, Georgia submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $5,000 and suspended from association with any FINRA member in all capacities for one year. The sanctions were based on findings that Lester allegedly participated in private securities transactions without notice or approval from his firm in violation of FINRA Rules 3280 and 2010.
In August 2017, Lewis Nelson Lester Sr. joined Olden Lane Securities, LLC and became registered as a General Securities Representative and General Securities Principal. According to the FINRA findings, Lester participated in two private securities transactions facilitating additional sales of ownership units in an LLC. The findings state that Lester allegedly signed two addendums to an investor’s original subscription agreement to which they made a $1,500,000 investment and received additional ownership units in the LLC. Additionally, the findings state that although Lester disclosed his role as CEO of the LLC, the transactions were outside the regular course and scope of Olden Lane because he failed to provide prior written notice of these transactions. Although Lewis Nelson Lester Sr. is not currently registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction and its sanctions.
FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein[.]” FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member[.]” A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires FINRA members and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
Do You Need a Georgia FINRA Securities Arbitration Attorney?
Did your Cumming, Georgia stockbroker or investment advisor recommend an investment that turned out to be an investment that was never reviewed or approved by their stockbrokerage firm employer? The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed, or saw and just ignored.
Free Initial Consultation With Experienced Lawyers Representing Cumming, Georgia Residents in FINRA Arbitrations
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Georgia, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Georgia citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.
Robert Wayne Pearce
Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $140 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.
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