FINRA suspends Choosri Lao (CRD #4439433, Tinley Park, Illinois)
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As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
March 5, 2018 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which Lao was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for two months. Without admitting or denying the findings, Lao consented to the sanctions and to the entry of findings that from January of 2013 to April of 2014, while not registered with any FINRA member firm, she performed services for which she should have been registered. The findings stated that Lao played a role in the sale of approximately 32 alternative investments to 26 customers that were processed through a registered representative at a member firm. The level of Lao’s involvement varied from customer to customer, but in some instances included assessing a customers’ suitability and making an investment recommendation. Lao received payments from the representative in the amount of approximately $102,000 while she was not registered. Lao would drop off the paperwork at the representative’s office to be executed under the representative’s name at his firm. Lao did not become registered with the firm until April of 2014. After she was registered, the representative continued to make payments to her until November of 2015, totaling an additional $23,250. These payments were made pursuant to different contracts entered into between Lao and the representative, ostensibly for education and training related to alternative investments. However, Lao concedes that the payments were related to her active role in the representative’s securities business and were meant to entice Lao to eventually register and become his business partner. The suspension was in effect from March 5, 2018, through May 4, 2018. (FINRA Case #2015048340302). If you or someone you know has lost money investing with Choosri Lao, call the experienced attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.