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Advisor NATHANIEL CLAY of Laidlaw Accused of Unsuitable Trading
Nathaniel Clay, formerly with Laidlaw & Company, Agrees to Pay Over $300,000
New York, NY
Have you lost money with financial advisor Nathaniel Clay of New York City? We are investigating allegations made by the Securities and Exchange Commission (SEC) against Nathaniel Clay. The SEC alleged that Clay and Terrance Reagan, who were both previously affiliated with Laidlaw and Company, engaged in unsuitable in-and-out trading that caused losses over $700,000.
It was alleged that this conduct involved eight customers, between November 2015 and January 2019. Nathaniel Clay was registered with Laidlaw & Company at the time. The SEC announced that without admitting or denying the allegations, Clay agreed to disgorge $150,898 in commissions, plus interest of $22,936, and a penalty of $150,898. The court must decide whether to approve this settlement.
Securities brokerage firms like Laidlaw & Company must follow FINRA rules, including Rule 2111 which provides that investment recommendations must be suitable. Moreover, under supplementary materials .05 of Rule 2111, the trading was be quantitively suitable.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Seattle, Phoenix, and Ann Arbor, Michigan. Our firm represents investors all over the country.