Salas Wang LLC is investigating LPL Financial and its former broker James “Jeb†Bashaw over possible “selling awayâ€Â and/or sales practice violations.  On October 10, 2014, the Wall Street Journal reported that Mr. Bashaw was “dismissed Sept. 24 for allegedly failing ‘to follow firm policies and industry regulations.'”  According to the Central Registration Depository (CRD) the dismissal was “for (A) Participating in private securities transactions without providing written disclosure to and obtaining written approval from the firm, (B) borrowing from a client, and (C) Engaging in a business transaction that created a potential conflict of interest without providing written disclosure and obtaining written approval from the firm.”
According to the Wall Street Journal,  “Mr. Bashaw’s Houston-based business appeared to be growing through most of this year following a deal in February with Texas Dow Employees Credit Union to help expand the local credit union’s wealth-planning services. And he was once named Texas’ top adviser by Barron’s magazine in 2011 after amassing $3.8 billion in total assets. Dow Jones, a unit of News Corp, publishes Barron’s and The Wall Street Journal.”
FINRA Rules prevent “selling away” as may be alleged here, because of the potential for abuse.
Did you invest with Mr. Bashaw?
If so, please contact our firm for a free portfolio review. You can contact Jeff Salas at 312.803.4963 or through the contact form below.
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