FINRA and Securities Expert Witness
Robert D. Lawson, CSCP®, AIF®, CFE®, MRFC®, LUTCF®
Suite 1500
Bloomington, Minnesota 55431-4460
https://www.barrington-inc.com/finra-securities-expert-witness
► Contact Robert D. Lawson, CSCP®, AIF®, CFE®, MRFC®, LUTCF®
Expert WitnessLitigation SupportSpeaker
Mr. Lawson proudly serves as a FINRA and NFA Arbitrator (FINRA Chair-Qualified) and a FINRA Mediator where he presides over industry and public disputes pertaining to breach of fiduciary duties, negligence, failure to supervise, misrepresentation, breach of contract, monetary damages, and employment issues. As an unbiased Arbitrator, he renders final and binding decisions after carefully weighing the facts of each case. As a skilled mediator, Mr. Lawson remains impartial and motivated to assist the parties in resolving their dispute from multiple perspectives. He promotes a productive and respectful environment to aid in the resolution of their dispute.
As a Securities & Insurance Expert Witness and Litigation Support Consultant, Mr. Lawson is retained by both claimants and respondents for FINRA arbitrations, mediations, and court settings. He speaks with clarity and precision and his expert opinions are founded upon his years of experience and thorough understanding of industry rules, standards of professional conduct, and the codes of ethics for the brokerage, investment management, and insurance industries. Retaining counsel is supported by extensive research, expert witness reports, persuasive testimony, and decades of industry, brokerage, supervisory and fiduciary experience.
Mr. Lawson is knowledgeable in the financial services industry with numerous nationally recognized certifications and has conducted over 500 presentations, CLE's, and workshops for attorneys, financial services professionals, and individual investors.
Mr. Lawson serves as a Director, Board Member, or Member for the following organizations:
• Master Registered Financial Consultants (MRFC®) Chairman and Board Member – (Term ended Dec 2023)
• CFA Society of Minnesota - Member
• CFA Institute - Member
• Securities Experts Roundtable (SER) – Practice Management Chair Director
• CFA Steering Committee - Former Member
• National Society of Compliance Professionals (NSCP) – Member
• Association of Certified Fraud Examiners (ACFE) – Member
• Twin Cities Chapter Certified Fraud Examiners (TCCFE) – Member
• Minnesota State Bar Association (MSBA) ADR Section – Member (Former Chair from 2017-2022)
Services
Robert D. Lawson provides expert testimony and litigation support for securities, annuities, and life insurance disputes, as well as analytical, interpretive, and investigative insight into factual and relevant issues.
Unlike the majority of litigation consultants in the United States, Mr. Lawson is one of the few who is a FINRA and NFA Dispute Resolution Arbitrator as well as a FINRA Mediator. He is also actively involved in the financial services industry as the President and Chief Compliance Officer of a Registered Investment Advisory firm and Life Insurance Agency. He holds several certifications, including Certified Fraud Examiner (CFE®) and an Accredited Investment Fiduciary (AIF®), Certified Securities Compliance Professional (CSP), and Master Registered Financial Consultant (MRFC).
Mr. Lawson's findings and opinions are objective, unbiased and predicated upon thorough and detailed examination of the case discovery and pleadings. Through his decades of experience and training, he frequently discovers important details crucial to the underlying dispute that may have otherwise gone unnoticed. His analysis may uncover factual inconsistencies, operational and procedural failures, and expose "red flags" out of the industry norm.
Testifying and Consulting Expert -
Skills in Controversy:
Fiduciary, Suitability, Supervision, Manipulation, Churning, Fraud and Misrepresentation, Duties of a Broker, Duties of an Investment Adviser, Data Input and Analysis, Determining the Strengths and Weakness of a Case. Ethics, Account Related - Breach of Contract, Account Related - Dividends, Account Related - Transfer, Executions - Execution Price, Executions - Limit/Stop/Market Order, Employment - Breach of Contract, Commissions, Compensation, Discrimination, Training Contracts, Wrongful Termination, Clearing Disputes, Recruitment Disputes, Trading Disputes, Buy In, Mark-ups, Stock Loans, Selling Away, Misrepresentation, Wrap Accounts, Standard Securities Industry Procedures, Omission of Facts,
Skills in Securities:
Annuities (Variable & Fixed), Auction Rate Securities, Certificates of Deposits, Common Stock, Corporate Bonds, Municipal Bonds, Exchange Traded Funds, Fannie Mae, Freddie Macs, Ginnie Maes, Government Securities, Life Insurance (Variable & Fixed) Limited Partnerships (Public and Private), Mutual Funds, Options (stock & index), Private Equities, Preferred Stock, Real Estate Investment Trusts, Structured Products, and Warrants/Rights.
Areas of Expertise:
• Alternative Investments
• Annuities – Fixed & Variable
• Breach of Fiduciary Duty
• Broker-Dealer & Registered Representative Sanctions
• Broker & Investment Adviser Fraud
• Churning / Excessive Trading, or Switching
• Code of FINRA Arbitration Procedure – Section 10000
• Compensation Disputes
• Compliance Program Management including Risk Assessment and Risk Management
• Communication with Public
• Conflicts of Interest
• Developing, Monitoring, and Testing Policies and Procedures
• Employment Termination
• Ethical Considerations
• Exchange Traded Funds (ETFs) & Mutual Funds
• Failure to Supervise
• Fiduciary Standard of Care & Responsibility
• Financial Exploitation of Seniors & Vulnerable Adults
• FINRA Sanctions
• Fraud, Misrepresentations, or Omissions of Facts
• Insurance – Indexed & Variable Universal Life
• Insurance – Long Term Care
• Investigations and Sanctions – FINRA Section 8000
• Leveraged & Inverse ETFs
• Limited Partnerships & Direct Participation Programs
• Manipulative, Deceptive & Fraudulent Devices
• Non-Traded REITs
• Omission of Facts
• Options – Equity & Index
• OTC Bulletin Board / Penny Stocks / Low Priced Securities
• Outside Business Activities (“OBA”)
• Private Securities Transactions
• Promissory Notes
• SEC Investment Advisers Act of 1940
• Sales of Unregistered Securities9
• Securities Fraud
• Selling Away
• Structured Investments
• Supervisory Procedures – Deficient Written Supervisory Procedures
• Suitability – FINRA Rules 2090 & 2111
• Supervision – FINRA Rules 3110 & 3120
• Target-Date Funds
• Unauthorized Transactions
Litigation Support Services
• A Comprehensive Analysis of the Investment Portfolios based upon Suitability, Risk Tolerance Levels and Investment Objectives
• FINRA Arbitration & Mediation Testimony
• Breach of Securities Protocol
• Cash Flow Analysis Reports (Turnover Rate, Equity Expense)
• Financial Fraud Detection
• Market Adjusted Damages & Analysis
• Detailed Transaction Reports (Summary, Aggregate Portfolio and Individual Accounts)
Areas of Expertise
- Economic Losses
- Employment Termination
- Ethics
- Fiduciary Duty
- Financial
- Financial Analysis
- FINRA
- FINRA Arbitration
- Mutual Fund
- Options
- Professional Responsibility
- Securities
- Securities Fraud
- Stock Options
- Stocks
- White Collar Crime
Additional Expertise:
FINRA Arbitration; Annuity; FINRA Mediation; OFAC; Accredited Investment Fiduciary; Securities Compliance; Securities Fraud Examiner; Fixed Annuities; Fixed Indexed Annuities; Variable Annuities; Indexed Universal Life; Variable Universal Life; Underwriting Procedures; Suitability Considerations; Independent Marketing Organizations (IMO) Liability; Annuity Replacements; Long-Term Care Insurance; Failure to Disclose; Annuity Churning; Breach of Fiduciary Duty; Broker-Dealer Disputes & Investment Adviser Disputes; Employment Issues; Options Trading; Failure to Supervise; Investor Suitability; Concentrated Portfolios; Compliance Obligations; Selling Away; Promissory Notes; Private Placements; Selling Away & OBAs.
Profile
As a FINRA Arbitration Expert Witness and Certified Securities Compliance Professional (CSCP®), Robert Lawson has advanced proficiency in securities, fiduciary, and insurance compliance practices. He is the President and Chief Compliance Officer of Barrington Capital Management, Inc., a Registered Investment Adviser (RIA) and Insurance Agency that he established in 1988. He also serves as the President and Managing Principal of Barrington Financial Consulting Group, Inc., a securities and insurance litigation support firm with 17 experienced testifying and consulting experts.
As a Securities & Insurance Expert Witness and Litigation Support Consultant, Mr. Lawson is retained by both claimants and respondents for FINRA arbitrations, mediations, and court settings. He speaks with clarity and precision and his expert opinions are founded upon his years of experience and thorough understanding of industry rules, standards of professional conduct, ethics and conflicts of interests, regulatory risk management, and books and records. Retaining counsel is supported by extensive research, well documented expert witness reports, persuasive testimony, and decades of industry, brokerage, supervisory and fiduciary experience.
Mr. Lawson proudly serves as a FINRA and NFA Arbitrator (FINRA Chair-Qualified) and a FINRA Mediator where he presides over industry and disputes pertaining to breach of fiduciary duties, negligence, failure to supervise, misrepresentation, breach of contract, monetary damages, and employment issues. As an unbiased Arbitrator, he renders final and binding decisions after carefully weighing the facts of each case. As a skilled mediator, Mr. Lawson remains impartial and motivated to assist the parties in resolving their dispute from multiple perspectives. He promotes a productive and respectful environment to aid in the resolution of their dispute.
Mr. Lawson is knowledgeable in the financial services industry with numerous nationally recognized certifications and has conducted over 500 presentations, CLE's, and workshops for attorneys, financial services professionals, and individual investors.
Areas Served
All 50 States and U.S. Territories
More Information
Securities & Insurance Expert Witness
FINRA Arbitration Expert Witness
Financial Mediation Services, Legal Consultant
Robert D. Lawson, CSCP®, AIF®, CFE®, MRFC®, LUTCF® in the Social Networks
LinkedInProfessional Experience
• Barrington Capital Management, Inc. – February 1995 - Present
President, Chief Compliance Officer, & Founder - A Registered Investment Adviser IARD # 115603
Insurance Agency Principal
• Barrington Financial Consulting Group, Inc. – June 2017 - Present
President & Founder
Mediation, Arbitration, & Litigation Support Consulting
• Minnesota State Bar Association (MSBA) ADR Section Council – July 2017 – August 2022
• FINRA Dispute Resolution Arbitrator and Chairperson ID: A57294 – August 2009 - Present
Qualified Through the National Arbitration and Mediation Committee
• FINRA Mediator ID: A57294 – November 2017 - Present
Qualified Through the National Arbitration and Mediation Committee
• National Futures Association (NFA) Dispute Resolution Arbitrator Chair-Qualified – February 2012 - Present
Futures, Commodities, and Forex Disputes Involving Investors, Member Firms, and Employees
• Securities & Insurance Expert Witness & Litigation Support Consultant – February 2010 - Present
Litigation Support, Expert Witness Services, & Case Analysis
• Master Registered Financial Consultant (MRFC®); Division of International Association of Registered Financial Consultants (IARFC®)
Chairman and Board Member (Term ended December 2023)
MRFC® Certification Program
MRFC® Curriculum Task Force
• Broker-Dealer & Registered Investment Adviser Consultant – June 2006 - Present
Private Consultant for Compliance, Ethics, Business Development, and Operational Matters for Broker Dealers and Registered Investment Advisers
• Your Financial Roadmap, Inc. – December 2015 – December 2021
President & Founder
• Gardner Financial Services, Inc.
Registered Securities & Options Principal – April 2014 - September 2014
Compliance Consultant – September 2015 - November 2015
• MB Trading – February 2011 - April 2012
Registered Securities & Options Principal Branch Manager
• thinkorswim, Inc. by TD Ameritrade, Inc. – June 2006 - August 2010
Registered Securities Principal & Registered Options Principal Branch Manager
• Raymond James Financial Services, Inc. / Robert Thomas Securities, Inc. (Division of Raymond James)
January 1999 - June 2004
Registered Securities Principal Branch Manager
• Robert Thomas Securities, Inc. (Division of Raymond James) – October 1998 - January 1999
Registered Securities Principal Branch Manager
• Midwest Discount Brokers, Inc. – April 1996 - October 1998
Registered Securities Principal & Registered Representative Branch Manager
• Securities Service Network, Inc. – August 1994 - February 1995
Registered Securities Principal & Registered Representative Branch Manager
• Securities America, Inc. – November 1993 - March 1994
Registered Securities Principal & Registered Representative Branch Manager
• Walnut Street Securities, Inc. – January 1990 - January 1993
Registered Securities Principal & Registered Representative Branch Manager
• Barrington Capital Management, DBA – August 1988 - February 1995
Owner & Chief Investment Officer - A Registered Investment Adviser IARD # 115603
Licensed Insurance Agent
• Financial Network Investment Corporation – November 1987 - January 1990
Registered Securities Principal & Registered Representative Branch Manager
• Shearson Lehman Brothers, Inc. / American Express – August 1986 - December 1987
Vice President / Fixed Income Specialist
Serviced Rural Banks and Insurance Companies with Investment Solutions
• American Capital Financial Services, Inc. – September 1983 - August 1986
Registered Representative District Manager
Licenses
Industry Examinations & Licenses
• Series 24 – General Securities Principal Examination*
• Series 4 – Registered Options Principal Examination*
• Series 7 – General Securities Representative Examination*
• Series 51 – Municipal Fund Securities Limited Principal Examination*
• Series 66 – Uniform Combined State Law Examination
• National Futures Association Chair Examination 2017
• Series 63 – Uniform Securities State Law Examination*
• Series 3 – National Commodities Futures Examination*
• Minnesota Department of Commerce – Insurance Agency License (Barrington Capital Management, Inc.): License # 20093989 - Issued: 03/20/2001
• Minnesota Department of Commerce – Resident Insurance Producer: Life & Health – License # 1008439 Issued 10/27/1982
• NFA Pre-Hearing Conference Call Examination 2017
Legal Experience & Services
As a Securities & Insurance Expert Witness and Litigation Support Consultant, Mr. Lawson is retained by both claimants and respondents for FINRA arbitrations, mediations, and court settings. He speaks with clarity and precision and his expert opinions are founded upon his years of experience and thorough understanding of industry rules, standards of professional conduct, and the codes of ethics for the brokerage, investment management, and insurance industries. Retaining counsel is supported by extensive research, expert witness reports, persuasive testimony, and decades of industry, brokerage, supervisory and fiduciary experience.
Affiliations
• CFA Institute - Member
• CFA Society of Minnesota – Member
• National Society of Compliance Professionals (NSCP) - Member
• American Bar Association (ABA) – Securities in ADR Committee; Mediation Committee; ADR Practice Management, Business and Skills Development Committee - (Term ended 2020)
• Master Registered Financial Consultant (MRFC®); Chair of the MRFC® Certification Program - (Term ended December 2023)
• International Association of Registered Financial Consultants (IARFC) - Member
• Securities Experts Roundtable (SER) – Practice Management Chair and Director
• Association of Certified Fraud Examiners (ACFE) - Member
• Twin Cities Chapter of the Association of Certified Fraud Examiners (TCCFE) – Member
• Thomson Reuters Expert Witness
• Rubin Anders Expert Witness
Qualifications
• Financial Institutions & Regulations - Certificate
• Securities Law - Certificate
• Accredited Investment Fiduciary, AIF®
• Certified Fraud Examiner, CFE®
• Master Registered Financial Consultant, MRFC®
• Life Underwriter Training Council Fellow, LUTCF®
• Certified Securities Compliance Professional (CSCP®)3
• Qualified Neutral Under MN Rule 114 – Civil Adjudicative/Evaluative (Arbitration) – ADR ID #6172
• Qualified Neutral Under MN Rule 114 – Civil Facilitative/Hybrid (Mediation) – ADR ID #6172
• Certified Mediator
Awards & Honors
• Mitchell Hamline School of Law – Mediation Judge for Law Students in National Competition – 2017 & 2018
• Minnesota State Bar Association (MSBA) – ADR Ambassador for Mitchell-Hamline School of Law students
• Minnesota Lawyer: Voted in the “Top Three Best Litigation Consulting Firms for 2022”
• Minnesota Lawyer: Voted the “Best Litigation Consulting Firm for 2020”
• Minnesota Lawyer: Voted Among the “Top Three Best Litigation Consulting Firms” 2017 & 2019
• A.M. Best Company: Client Recommended Expert Service Provider - 2013-2017
• Better Business Bureau of Minnesota and North Dakota: Judge - Students of Integrity Scholarship - 2016
• Better Business Bureau of Minnesota and North Dakota: Judge - Torch Awards for Ethics - 2015
• Better Business Bureau of Minnesota and North Dakota: Business Ethics Award Nomination - 2010, 2011 & 2012
Seminars & Training
Please see website.
Publications
Q. Is it prudent to retain a competent Expert Witness?
A. A Registered Representative can testify they followed the firm's Written Supervisory Procedures (WSP) to the letter, but they have assets to protect. The "growth oriented" claimant can testify they suffered losses during a market meltdown, but they too, have financial assets to protect and/or gain.
Q. Does a seasoned securities attorney require a securities expert witness for every case?
A. Depending on the experience of counsel, they may only require the services of an expert witness for complex cases to review the discovery and testimony. Counsel with limited securities experience typically requires additional assistance in analyzing the case and preparing for the FINRA Arbitration or Mediation hearing and particularly with settlement issues and case assessment. The services of a competent expert witness can be equally valuable for both sides.
Q. Why not simply utilize the services of Chief Compliance Officer or Branch Manager to serve as the expert witness?
A. These principals may be qualified, but their testimony is often times viewed as biased by FINRA Arbitration panels, and these "expert employees", frequently tend to side with the "house" thus providing an unbiased opinion, which can be problematic. Brokerage firms may think they are saving money by not retaining an expert witness, but this has proven to be a costly mistake in many cases.
Q. If the opposing side retains an expert witness, what message are they sending?
A. The message is crystal clear. The opposing party is coming fully prepared with expert testimony and documentation that could potentially put your side at a distinct disadvantage. However, by retaining a competent expert witness on your team, the probability of at least neutralizing conflicting and damaging opinions of the other side's expert witness is improved. Retaining an expert witness could provide the added edge that you may need to prevail on the case.
Professional References
Please contact me for a list of professional references.
Education
• Cornell Law School – Ithaca, NY
Securities Law and Financial Institutions & Regulation Certificates – 2023
• UCLA Extension – Los Angeles, CA 2022
This course focused on the ethical issues confronting financial professionals, including extensive coverage of the recent financial crisis and the very latest developments affecting ethics within the financial world. Instruction includes an overview of the ethical standards in finance, including the primary elements necessary to make proper ethical decisions. The course also covered key definitions, issues, and general theories of business and finance ethics, citing examples from the recent scandals that have shaken public confidence in Wall Street and the world financial markets. Main topic areas include overview and fundamentals of ethics in finance, the retail customer, investments, financial markets, and financial management.
• University of St. Thomas School of Law – St. Paul, MN 2022
The Certified Securities Compliance Professional (CSCP) is a graduate-level program for experienced services compliance professionals, offered the University of St. Thomas Law School in collaboration with the National Society of Compliance Professionals (NSCP). Granted the CSCP designation for Investment Advisers and Broker Dealers. (IA – BD)
• Mitchell Hamline School of Law; St. Paul, MN
Arbitration Certificate - 2011
Mediation Certificate - 2014
• The American College of Financial Services
Life Underwriter Training Council Fellow (LUTCF®) – 1983-1991
Articles Published by Robert D. Lawson, CSCP®, AIF®, CFE®, MRFC®, LUTCF®
Selling Away: Broker-Dealer Liability for Selling Away Transactions
In the securities brokerage industry, "selling-away" refers to the prohibited practice of an Associated Person soliciting the sale of securities or investment products not approved with the broker is affiliated without prior written consent. In many instances, promoters of these products are marketing them as non-securities products that do not have to be sold through a broker-dealer by a registered person.
Read ArticleFINRA Code of Arbitration and Discovery Guidelines
FINRA encourages and emphasizes cooperation from both parties at all times regarding discovery requests.
Read ArticlePhilosophy of an Expert Witness
While every Expert Witness may have a unique way of approaching a case, I have found that by following a few basic principles, it has helped me to maximize my efficiency and effectiveness as an Expert Witness and my approach could probably be a useful model for any Expert Witness in any field.
Read ArticleFive Questions You Should Always Ask Any Financial Advisor
The vast majority of the world's liquid investable wealth is in the hands of investment fiduciaries, and the success or failure of investment fiduciaries can have a material impact on the fiscal health of any country.
Read ArticleIndependence and Preparation are the Keys to Success
Selecting the right Expert Witness and litigation consultant can be highly instrumental in the outcome of a case and I have summarized a few key points that should be addressed before any expert is retained. Improve the probability of a positive outcome by adding the right expert to your team.
Read ArticleDoes Your Brokerage Firm Have Cyber Insurance? 10 Questions You Should Ask Your Broker
You have a right to know if your brokerage firm is serious about focusing their time and money on security measures, because the problem is only becoming greater each day. Here is a list of tough questions that you should ask your brokerage firm about their cyber security. If they don't have a good answer, maybe it is time to look for a new broker, because who cares more about your money than you? Nobody!
Read Article