Laidlaw & Company (UK) Ltd. fined for not maintaining required minimum net capital
The firm’s net capital fell below the required minimum account on four occasions between February 2018 and July 2022. The shortfalls occurred as a result of the improper treatment of certain assets and liabilities in its net capital computations. The firm also failed to:
- file timely and accurate notices of net capital deficiency during those periods;
- failed to maintain accurate books and records.
In addition the firm’s supervisory system did not ensure adequate issuer due diligence. As a result the firm failed to conduct and document reasonable investigation of three private placement offerings.
Securities Exchange Act 1934 Section 15(c) Exchange Act Section 17(a) FINRA Rule 2010 FINRA Rule 3110 FINRA Rule 4511
Former securities sales supervisor fined for engaging in outside business activity
FINRA Rule 2010 FINRA Rule 3270 NASD Rule 3030 NASD Rule 2110
Former general securities representative fined and suspended for providing incorrect and misleading information to a customer
FINRA Rule 2010 FINRA Rule 2210 MSRB Rule G-17
