Novato, California
Whitehall Parker Securities Fined For Failing to Supervise James Lamont
Have you lost money with financial advisor James Lamont, formerly with Whitehall Parker Securities, from Novato, California? We are continuing to look into allegations made by FINRA (the Financial Industry Regulatory Authority) against James Marten Lamont. In 2019, FINRA suspended Lamont from the securities industry for eighteen months, fined him $10,000, and ordered him to disgorge commissions of over $81,000. Lamont was being investigated regarding allegations that he sold $1,467,000 in investments in the Woodbridge Group of Companies. Woodbridge filed for bankruptcy, and investors will likely suffer substantial losses.
In 2021, FINRA alleged that Whitehall Parker Securities failed to adequately supervise Lamont’s sales of Woodbridge. To settle these allegations, Whitehall Parker Securities agreed to pay a $30,000 fine. Whitehall Parker Securities’ President Robert Yuloo was also joint and severally liable with Whitehall Parker Securities to pay an additional $10,000 fine. Yuloo was also suspended for two months in a principal capacity.
James Marten Lamont was a registered representative and financial advisor with Whitehall Parker Securities from April 2015 to October 2019. He worked out of a branch office in San Francisco, California. Lamont has been the subject of ten prior customer complaints, as well as numerous tax liens. He also owned Lamont Financial Services, based in Novato.
Broker-dealers like Whitehall Parker Securities have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers 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 in California and throughout the San Francisco area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.