HOUSTON, Oct. 16, 2014 (GLOBE NEWSWIRE) -- LPL Financial Holdings, Inc. branch manager James "Jeb" Bashaw was fired on September 24, 2014 for among other things allegedly engaging in private securities transactions, borrowing money from a client and engaging in activities that created conflicts of interest according to Mr. Bashaw's report on FINRA's CRD (Central Registration Depository).
"Private securities transactions are usually driven by high fees collected by brokers," said Houston attorney Tom Ajamie. "It appears that Mr. Bashaw may have engaged in risky private securities transactions that were known to LPL."
"Mr. Bashaw's prior private transactions raise serious concerns about the level of supervision LPL chose to exercise," added Ryan Bakhtiari.
Mr. Bashaw once managed over $3 billion in total assets and is now employed by Wunderlich Securities, Inc. in Houston, Texas.
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