Former LPL Brass, James “Jeb” Bashaw, Allegedly Terminated for Selling Away Shares

ohio stockbroker fraud attorneysLinsco Private Ledger (LPL) financial advisor James “Jeb” Bashaw, of Houston, Texas, was given the sack by LPL after several allegations surfaced that Bashaw had participated in private securities transactions without providing written disclosure to, and obtaining written approval from LPL, according to his report on Central Registration Depository (CRD). LPL’s supervision of Bashaw was also brought into question by the report. Brokers who execute securities transactions without broker-dealer approval commit what is commonly known in the securities industry as “selling away”, which is one of the most common allegations made against registered reps. Bashaw also allegedly borrowed cash from a client, and engaged in a business transaction that created a potential conflict of interest, his CRD further alleges.

Bashaw Shone Big and Bright, Allegedly Controlled$3.8 Billion in Assets; Biggest Broker in Texas

Bashaw was a star broker in Houston, and even ranked as the top financial advisor in Texas in 2011 with$3.8 billion in total assets, according to Baron’s. Reports indicate that it is not clear how much of said client money Mr. Bashaw controlled directly, but industry sources claim that he had a platoon of approximately twenty five advisers working for him in several offices. When reportedly reached for comment, LPL did not divulge the reason for Bashaw’s termination. A review of Bashaw’s BrokerCheck report reveals that he had two prior customer disputes, both settled, with one for $10,000 in 2012, and the other for $200,000 in 1990.

Investment Fraud Lawyers Investigating

The Peiffer Rosca Wolf securities attorneys often represent investors who lose money as a result investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: James “Jeb” Bashaw

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1252 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.