Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 8, 2019 indicate that UK-based brokerage firm Laidlaw & Company, also known as Sands Brothers International, has received customer complaints and regulatory sanctions. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Laidlaw & Company (CRD# 119037).
Founded in 1999, Laidlaw & Company received SEC approval in 2002, is headquartered in London, England, and is registered with 53 US states and territories. According to its BrokerCheck report, it has received five regulatory sanctions and two customer complaints that evolved into arbitration.
In 2018, FINRA sanctioned the firm in connection to allegations it failed in its supervisory duties concerning the recommendation of non-traditional exchange-traded funds. FINRA’s findings state specifically that the firm’s supervisory procedures lacked a system that was reasonably designed to ensure personnel reviewed non-traditional ETF transactions or review open positions in non-traditional ETFs so as to determine whether they had been held for long periods of time or resulted in unrealized losses. FINRA’s findings stated that firm representatives solicited 869 non-traditional ETF purchases and 946 non-traditional ETF sales across 312 customer accounts. According to FINRA’s findings, firm written supervisory procedures failed to require firm supervisors to “review open positions in non-traditional ETFs held for extended periods or resulting in unrealized losses,” and additionally failed to impose “product-specific limitations” on the firm’s representatives’ ability to recommend that customers trade in or hold positions in non-traditional ETF products. It was censured and issued a $25,000 fine.