MIAMI, Oct. 15, 2014 (GLOBE NEWSWIRE) -- The securities arbitration law firm Dimond Kaplan & Rothstein, P.A. (http://www.dkrpa.com) announced today that it is investigating former Houston, Texas-based Linsco Private Ledger (LPL) broker James "Jeb" Bashaw and LPL's possibly supervision failures regarding Bashaw. LPL recently terminated Bashaw for selling securities that LPL had not approved. This is known in the securities industry as "selling away" and is one of the more common forms of stockbroker misconduct. Bashaw also allegedly improperly borrowed money from a client.
"Brokerage firms are required to have an adequate supervisory system in place in an effort to ensure that brokers follow internal and industry rules and do not abuse clients' trust. Brokerage firms often have some indicia that a broker is selling unapproved securities and they are obligated to act to stop any misconduct by their brokers. Firms can be held liable for investor losses if they fail to adequately supervise their brokers," said Miami securities arbitration lawyer Jeffrey Kaplan.
Dimond Kaplan & Rothstein, P.A. has represented dozens of investors who have lost money after buying an investment product that a brokerage firm has not approved. We encourage Mr. Bashaw's clients to contact attorney Jeffrey Kaplan at our law firm at (888) 578-6255 or jkaplan@dkrpa.com if you lost money in investments that Mr. Bashaw recommended to you. You also may visit Dimond Kaplan & Rothstein, P.A. on the web at www.dkrpa.com.