James Conaway and Lorraine Conaway, formerly with USA Financial Securities Corp. and JP Turner, Suspended Nine Months from Securities Industry
Have you lost money with financial advisors James Conaway and Lorraine Conaway of Tustin, California? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against James O. Conaway and Lorraine A. Conaway. FINRA suspended both James and Lorraine Conaway from the securities industry for nine months and imposed a deferred fine of $10,000 to each. FINRA was investigating the Conaways regarding allegations that they engaged in outside business activities without disclosing such to their former brokerage firm, USA Financial Securities Corp.
James and Lorraine Conaway were alleged to have solicited investors to invest in real estate in the St. Louis, Missouri area. The Conaways set up a company with a third person and named it Tycon Properties. FINRA alleged that the Conaways received referral fees for investors that invested with Tycon, and some of these investors were also customers of USA Financial Securities Corp. It has been alleged that some of the properties were under-performing, likely resulting in losses to investors.
James Conaway and Lorraine Conaway were financial advisors and registered representatives of USA Financial Securities Corp. from October 2015 to May 2016. James and Lorraine Conaway also worked with JP Turner from February 2011 to October 2015. They worked at a branch office in Tustin, California. James has been the subject of at least three customer complaints.
Brokerage firms like USA Financial Securities Corp. and JP Turner have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout California, as well as investors in Missouri. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Conaway, Lorraine BrokerCheck 5.3.18
Click to view: Conaway, James BrokerCheck 5.3.18
Click to view: Conaway, James and Lorraine FINRA AWC
If you lost money with James Conaway, Lorraine Conaway, Tycon Properties, or USA Financial Securities Corp., please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.