Skip to Content

Zamansky LLC Investigates Former LPL Financial Advisor James “Jeb” Bashaw For Possible “Selling Away” Violations

New York, New York – Zamansky LLC is investigating former LPL branch manager and financial advisor James “Jeb” Bashaw over possible “selling away” violations.   On October 14, 2014, the Investment News reported that Mr. Bashaw was terminated by LPL last month for several allegations, including participating in private securities transactions without providing written disclosure to and obtaining written approval from LPL. Mr. Bashaw allegedly also borrowed from a client and engaged in a business transaction that created a potential conflict of interest without providing written disclosure to and obtaining written approval from the firm.

Mr. Bashaw’s profile on Broker/Check, the industry database maintained by the Financial Industry Regulatory Authority Inc. (“FINRA”), states that Mr. Bashaw was terminated by LPL for allegedly “failing to follow firm policies and industry regulations.” It makes no mention of his allegedly borrowing from a client or “selling away,” which the Investment News reported appear on his profile in the Central Records Depository, a more detailed industry database not available to the public.

The Investment News reports that Jeb Bashaw was, in 2011 according to Barron’s, the largest financial advisor in Texas, with reportedly $3.8 billion under management. The Investment News reports that Jeb Barshaw had as many as a dozen other financial advisors working under him, and they together have transferred from LPL over to Wunderlich Securities Inc.

According to securities arbitration attorney Jake Zamansky, engaging in securities transactions without broker-dealer approval is commonly known as “selling away” in the securities industry. FINRA Rules prevent this type of outside activity, Zamansky states, because it is ripe for abuse. If acting outside of regulator supervision, a financial advisor will often sell the investment paying the largest commission, not the one best for the customer. The investment paying the largest commission is often the most speculative, risky, illiquid or even fraudulent, Zamansky says.   Any investor who was sold a questionable investment should have it reviewed for suitability by a professional, he advises.

What Investors Can Do

If you are or were a customer of LPL financial advisor Jeb Bashaw, and wish your account reviewed for possible violations, please contact our firm for an evaluation. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.

About Zamansky LLC

Zamansky LLC is a leading law firm specializing in securities and investor arbitration and class actions. We are investment fraud attorneys who represent both individual and institutional investors in FINRA arbitrations and class action lawsuits. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.

To learn more about Zamansky LLC, please visit our website, https://www.zamansky.com.

Contact:

Zamansky LLC
50 Broadway – 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414
jake(at)zamansky(dot)com

Tell Us About
Your Losses

Client Reviews

“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
View More
Tell Us About Your Losses Get Started