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