FINRA Files Complaint Against CEO for Fraud and Misuse of Customer Funds

The Financial Industry Regulatory Authority (FINRA) has filed a complaint against Phoenix-based firm Lawson Financial Corporation, Inc. (LFC) and its President and CEO, Robert Lawson, for securities fraud in connection with the sale of millions of dollars of municipal bonds to customers. Lawson was charged alongside Pamela Lawson, the COO, with self-dealing – both are accused of abusing their positions as co-trustees of a charitable remainder trust, using the trust funds to support their struggling offerings. Because of a transfer of millions of dollars from the charitable remainder trust, Robert Lawson was also charged with the misuse of customer funds.

The municipal bonds at issue date back to October 2014 and include three bonds: a $10.5 million bond related to an Arizona charter school was underwritten and sold by LFC; bond sales to LFC customers in 2015 of earlier-issued bonds related to the corporate predecessor of the same school; and bond sales to LFC customers between January 2013 and July 2015 of earlier-issued municipal bonds related to two assisted living facilities in Alabama.

Broker Failed to Disclose Information to Investors

According to the complaint, Robert Lawson and LFC failed to disclose financial difficulties that the charter school and assisted living facilities faced. Lawson is accused of transferring millions of dollars from a deceased customer’s charitable trust account to parties associated with the borrowers. Lawson also is accused of concealing the transfer from other bond investors.

Did you invest money with Robert Lawson or Lawson Financial Corporation?

The attorneys at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for investment fraud and stockbroker misconduct. If you purchased these municipal bonds through Robert Lawson or Lawson Financial Corporation, you may have certain legal rights that require your immediate attention.

Contact a Securities Fraud Attorney Today

Contact us to schedule an appointment or consultation today.

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