Broker Lance Slater Has Been Permanently Barred by FINRA

The regulatory agency’s sanction is related to money allegedly borrowed from a client

In March of 2016, broker Lance Slater was barred by the Financial Industry Regulatory Authority (FINRA). The agency had requested that Slater get in touch to discuss allegations against him, but because he didn’t respond, he is no longer allowed to act as a broker or have any association with firms that sell securities.

The major complaint against Slater came from a former client. The client’s attorney alleged that in 2013, Slater borrowed over $200,000 from the client and was unable to pay it back. The lawyer also said that Slater traded the client’s money excessively in unsuitable investments.

All brokers are required to know their customers in order to recommend investments that are suitable to their investment profile. A charge of unsuitability violates two FINRA rules.

Slater was working for UBS Financial Services, Inc. in Philadelphia when was alleged to have borrowed the money from his client. He had previously worked at Wachovia Securities, LLC also in Philadelphia; First Union Capital Markets Corp. in Charlotte, NC; Halpert and Company, Inc. in Millburn, NJ; and he got his start with Blinder, Robinson, and Co, Inc.

Slater’s last employer was Morgan Stanley out of Mt. Laurel, NJ. He worked for the firm for almost two years until he was discharged in November of 2015, due in part to the loan he is reported to have received from a client.

The loan accusation wasn’t the only time Slater has found himself accused of violating regulations. There have been other charges related to excessive trading and unsuitable investments, as well as misrepresentation.

To learn more about Lance Slater and his broker history, you can read this FINRA report.

Many rules and regulations have been put in place that brokers are obligated to follow. If they don’t, often it’s their clients who suffer the most. If you lost money due to possibly illicit practices by a broker or financial advisor, get in touch with the Silver Law Group. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our attorneys represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor.

And because we are a contingency-based law firm, we don’t get paid unless you recover money. Contact us now by filling out our online form. We will assess your situation and attempt to recover what you deserve.