LPL Financial has terminated Houston, Texas branch manager, James “Jeb” Bashaw. While the specific basis for his termination currently is unclear, Mr. Bashaw’s publicly available disciplinary record reflects that LPL terminated him for “failure to follow firm policies and industry regulations.” LPL provided no further detail regarding decision. There are, however, numerous firm policies and industry regulations that govern proper treatment of investors.

Based on the limited information that LPL has provided, it is possible that Mr. Bashaw’s engaged in some form of stockbroker negligence or investment fraud. It also is possible that LPL purposely excluded specific information regarding Mr. Bashaw’s alleged misconduct so that investors would not learn of the misconduct and, therefore, may not appreciate that they may have a claim against LPL.

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Mr. Bashaw responded to LPL’s accusation by stating, “I am home office supervised . . .” and that he is “unclear as to specifics” relating to his termination. This information may be very telling. Dimond Kaplan & Rothstein has represented numerous investors over the years in FINRA arbitration proceedings where the broker at issue worked out of a home office. In our experience, we have seen a number of instances where brokerage firms have failed to adequately supervise brokers who worked from home offices. If investors have lost money as a result of Mr. Bashaw’s misconduct they may have a claim against LPL Financial for LPL’s negligent supervision of Mr. Bashaw.

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