San Francisco Rep James Lamont Suspended Over Private Transactions

Ex-Whitehall-Parker Securities broker/adviser James Lamont (CRD# 2846228) was recently suspended by the Financial Industry Regulatory Authority in connection to allegations he engaged in unapproved private securities transactions. Formerly based at the firm’s San Francisco location, Lamont was issued an 18-month suspension and a fine of $10,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2017052705801) dated October 2019, James Lamont was registered with Whitehall-Parker Securities when, between September 2015 and November 2017, he “solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies,” which FINRA describes as “purported real estate fund,” noting that it later filed for Chapter 11 bankruptcy and that a federal court issued judgments against Woodbridge and its former owner to disgorge ill-gotten gains. According to FINRA, Lamont sold seven investors, three of whom were firm customers, a total of $1,467,000 in the Woodbridge notes, receiving commissions of $81,417. Despite firm procedures requiring its representatives to seek and receive approval before participating in private securities transactions, according to FINRA, Lamont did not do so, later disclosing “Woodbridge Mortgage” on a form questionnaire as an “outside business activity” but not as a private securities transaction, denying in the same form questionnaire that he had engaged in any private securities transactions. FINRA found that this conduct violated NASD Rule 3040 and FINRA Rules 3280 and 2010. As a result of the foregoing alleged conduct, James Lamont was suspended from association with any FINRA member firm for 18 months. He was also ordered to pay a fine of $10,000 and disgorgement of the commissions he received on the transactions.

James Lamont is currently not registered with any FINRA member firm. His previous registrations include Whitehall-Parker Securities, Independent Financial Group, Sammons Securities Company, Walnut Street Securities, and Fortis Investors. He has passed five securities industry qualifying examinations and currently holds no state securities licenses. (Information current as of April 18, 2020.)