Jamie Frawley: $64mm Complaint Against Santa Monica LPL Rep

LPL Financial’s Jamie Frawley (CRD# 2867752) has received an investor complaint alleging eight-figure damages. Financial Industry Regulatory Authority (FINRA) records show that he is registered as a broker in Santa Monica, California and Oklahoma City, Oklahoma. He is registered as an investment adviser with Westside Investment Management in Santa Monica.

Mr. Frawley’s BrokerCheck report discloses a pending investor complaint filed in January 2021. The complaint alleges that as a representative of LPL Financial and Westside Investment Management, he made “misrepresentations regarding options trades.” The pending complaint alleges damages of $64,371,988. 

“I had a lengthy relationship with these clients,” Mr. Frawley wrote in a statement responding to the allegations of misrepresentation. “Before we met, they were involved with options, and they retained me to help them work through the issues that had arisen at the time. They later instructed me to utilize options in their account with me to generate income. The account statements about which they complain were prepared at their request, as they had been provided similar statements previously by their tax planning firm.” He concluded by noting that the clients were provided with “regular, detailed account statements” and that the investments in question “were highly successful.”

The “misrepresentation” of material facts regarding investments is forbidden by FINRA rules. Perhaps the most pertinent regulation is FINRA Rule 2020, which states that no broker shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.”

According to the Financial Industry Regulatory Authority, Jamie Frawley holds 24 years of securities industry experience and is a representative of LPL Financial’s Santa Monica, California and Oklahoma City, Oklahoma offices. He is an investment adviser registered with Westside Investment Management in Santa Monica. His credentials include the passage of four securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He holds 41 state licenses. (Information current as of March 28, 2022.)

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