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John Lamont Facing Unsuitability Dispute

John Lamont (CRD #:847214), a broker registered with David Lerner Associates, is involved in an investor dispute, according to his BrokerCheck record accessed on March 20, 2022. He is also an investment advisor registered with Spirit Of America Management Corp.

On  January 10, 2022, John Lamont was involved in an investor dispute alleging unsuitability, misrepresentation/omission, and a breach of contract in connection with Energy 11, SOAEX. The investor also alleges omission/misrepresentation in connection with John Lamont’s hold recommendation of Puerto Rico Bonds.

The investor is seeking $150,000一the case is still pending.

Puerto Rico Securities

Puerto Rico’s financial woes have been well-documented. The U.S. territory has a national debt of $74 billion, and because it is not a U.S. state, Puerto Rico cannot file bankruptcy. Investors should be aware that there are significant risks associated with investing in any financial products based in Puerto Rico.

FINRA Rules 2111 and 2020

Brokers who recommend securities are subject to FINRA rules and regulations. 

  • FINRA Rule 2111 requires registered brokers to have a “reasonable basis” to believe that a transaction or investment strategy suits their client’s needs.
  • FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or persuading individuals to buy investments with false statements about their potential benefits. 
  • John Lamont’s alleged unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor. 

Background Information

John Lamont has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 5 – Interest Rate Options Examination
  • Series 3 – National Commodity Futures Examination
  • Series 15 – Foreign Currency Options Examination
  • Series 7 – General Securities Representative Examination
  • Series 53 – Municipal Securities Principal Examination
  • Series 24 – General Securities Principal Examination

John Lamont is a registered broker in 20 states. He is also a registered investment advisor in Connecticut.

John Lamont has also worked with the following firms: 

  • Buell Securities Corp (CRD#:1342)
  • Moseley Securities Corporation (CRD#:7908)
  • Shearson Lehman Brothers (CRD#:7506)
  • Prudential-Bache Securities (CRD#:7471)
  • L. F. Rothschild, Unterberg, Towbin (CRD#:501)
  • Bear, Stearns & Co. (CRD#:79)

Kurta Law Can Help

If you suffered losses after working with John Lamont, don’t hesitate to contact us today at 877-600-0098 or for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.