Former LPL Financial branch manager James “Jeb” Bashaw was fired on September 24, 2014, for several allegations, including participating in private securities transactions without providing written disclosure to and obtaining written approval from LPL Financial, according to his report on CRD (Central Registration Depository).
Mr. Bashaw was once named Texas’ top adviser by Barron’s magazine in 2011 after amassing $3.8 billion in total assets.
Engaging in private securities transactions without broker-dealer approval is forbidden by securities industry rules and regulations. Allegations of borrowing money from a client and engaging in a business transaction that created conflicts of interest were additional reasons given by LPL for Mr. Bashaw’s firing.
According to Finra registration, Mr. Bashaw is now employed by Wunderlich Securities, Inc. in Houston, Texas.