Switch to ADA Accessible Theme
Miami Investment Fraud Attorney
305.372.9700
2655 South Le Jeune Road
Suite 1108
Coral Gables, FL 33134

FINRA Complaint: Florida Brokers Exploited Elderly Investor

On December 21st, 2018, the Financial Industry Regulatory Authority (FINRA) filed a complaint against two south Florida brokers: Ami Kathryn Forte (CRD No. 2457536) and Charles Joseph Lawrence (CRD No. 3131566). Both Ms. Forte and Mr. Lawrence served as representatives of Morgan Stanley in Palm Harbor, Florida from 2009 to 2016. 

During their time at Morgan Stanley, FINRA alleges that these brokers exploited an elderly and cognitively impaired customer. This was done through a pattern of unsuitable trading that amounted to the churning of his account. Here, our experienced Miami securities fraud lawyers review the allegations against Ms. Forte and Mr. Lawrence. To access the full complaint, please refer to FINRA Disciplinary Proceeding No. 2016049321302.

The Allegations: Qualitatively and Quantitatively Unsuitable Trading  

The alleged victim in this case is a man identified only as ‘RS’ — a now deceased elderly investor who was suffering from severe cognitive impairment at the time the alleged misconduct took place. FINRA contends that both Ms. Forte and Mr. Lawrence were well aware of their client’s medical situation. In 2011 and 2012, the investor’s mental and physical condition became considerably worse. At that time, FINRA alleges that the two brokers began conducting a large number of trades within the investor’s Morgan Stanley brokerage account.

In a ten-month period, these brokers executed more than 2,800 trades on behalf of their elderly customer. Notably, in some cases, Ms. Forte and Mr. Lawrence would purchase securities, sell them, and then re-purchase them, all within the period of a few weeks. Generally, the securities that were being rapidly traded were designed to be long-term investments — they came with large commissions and fees. FINRA alleges that these two brokers took in nearly $9 million in commissions from this investor. If the FINRA claims are accurate, the conduct by these brokers amounts to churning (excessive trading), which is a clear violation of securities industry rules.

Proposed Sanctions: All Appropriate Remedies  

FINRA is seeking findings of fact and law against both brokers. In addition, the agency is seeking the imposition of monetary sanctions, potentially including the disgorgement of any ill-gotten profits and payment of full restitution to the victim. Finally, FINRA is seeking all other sanctions that are appropriate given the circumstances. This could include suspension or even expulsion from the industry. At the current time, Ami Forte is not actively registered as a broker. However, Charles Lawrence is still registered as a broker and investment advisor. Mr. Lawrence is currently associated with R.F. Lafferty & CO in Oldsmar, Florida. 

Get Help From Our Miami Securities Fraud Lawyers Today

At Carlson & Associates, P.A., our experienced investment fraud attorneys have extensive experience handling elder financial abuse claims. If you believe that your elderly or impaired loved one was taken advantage of by their broker or their brokerage firm, we can help. To arrange a confidential review of your case, please call our Miami law office today. We represent investment fraud victims in Miami and throughout the surrounding communities.

Resources:

brokercheck.finra.org/individual/summary/3131566

brokercheck.finra.org/individual/summary/2457536

finra.org/sites/default/files/fda_documents/2016049321302%20Ami%20Kathryn%20Forte%20CRD%202457536%20and%20Charles%20Joseph%20Lawrence%20CRD%203131566%20OHO%20DM.pdf

  • Super Lawyers
  • AV Preeminent
  • Million Dollar Advocates Forum
  • Judicial Edition 2021
  • Curtis Carlson 25th Anniversary
  • Curtis Carlson Judicial Edition 2022
  • Curtis Carlson Judicial Edition 2023
  • 2023 Judicial Edition Curtis Carlson
  • 2023 Martindale Hubbell Award Curtis Carlson
  • 2023 Lawyers.com Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson
Location

Office
Location

2655 South Le Jeune Road
Suite 1108

Coral Gables, Florida 33134

Telephone: 305-372-9700
Fax: 305-372-8265

Connect
With Us

  • Facebook
  • Twitter
  • LinkedIn

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

No content on this site may be reused in any fashion without written permission from www.Carlson-Law.net

MileMark Media - Practice Growth Solutions

© 2015 - 2024 Carlson & Associates, P.A. All rights reserved. This law firm website is managed by MileMark Media.