LaidLaw & Co. is a brokerage firm headquartered at 546 Fifth Avenue, 5th floor, New York, NY 10036. The firm was registered with the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) on 7/26/2002.
According to LaidLaw's FINRA BrokerCheck report, the firm has several regulatory events, as well as an arbitration on record. Of note, in 2012 the firm was censured and fined $65,000 for failing to have sufficient policies and procedures in place to detect and report money laundering and other suspicious activity. FINRA also found the firm lacked required supervisory procedures designed to retain emails sent from a Bloomberg terminal, report customer complaints and file information on settlements exceeding $25,000.
LaidLaw also consented to FINRA's finding that the firm's brochure contained misleading and exaggerated statements, and wrongly implied that the firm was linked to another firm named LaidLaw that was founded in 1842, when it actually purchased the name "LaidLaw" in 2004.
In November of 2009, FINRA fined LaidLaw $65,000 for failing to retain business-related emails sent and received from brokers' personal email accounts, and not adhering to its written supervisory procedures (WSPS) regarding the collection and maintenance of new account forms and dissemination of privacy notices to clients.
In January 2009, a complaint brought by the state of Connecticut was resolved by a consent order that fined LaidLaw $50,000 for filing inaccurate or incomplete reports in violation of the Connecticut Uniform Securities Act. LaidLaw was also required to pay $10,000 for investigative costs and cease and desist from regulatory violations.
The arbitration on the BrokerCheck report resulted in a $297,051.01 award against LaidLaw in 2007 for excessive trading (churning), account-related failure to supervise, suitability abuse and negligence. LaidLaw was also found to be in violation of the Texas Deceptive Trade Practices Act. The claimants in the case were seeking total damages of $295,000.
Cold Spring Advisory is working with clients to recover their lost capital from LaidLaw. If you or someone you know suffered losses with LaidLaw, please contact us today. We will analyse your LaidLaw account(s) for free and let you know if you have an eligible case for capital loss recovery.