Lawrence Roger Rice (CRD #375304) was permanently barred by FINRA in August 2024 following his refusal to provide documents related to allegations detailed in his Form U5. This regulatory action represents the most serious penalty available under securities law.
Rice’s most recent employment was with Centaurus Financial, Inc. from October 2022 until February 2024, where he resigned after failing to timely disclose a pending civil action. His career included positions at Cetera Advisors LLC, First Allied Securities, and Ameriprise Financial Services, operating under the business name Gold Coast Wealth Management.
The highest customer settlement against Rice was $10,300 (FINRA Case #10-00454) for a 2010 complaint involving misrepresentation and unsuitable investment advice. Additional allegations include failure to cooperate with FINRA investigations and providing unsuitable investment recommendations to clients.
If you suffered investment losses under Rice’s guidance, Haselkorn & Thibaut offers free consultations to discuss potential recovery options. Our clients pay legal fees only upon successful recovery.
Key Legal Developments
Table of Contents
- FINRA Permanent Bar: Rice was barred in August 2024 after refusing to provide requested documents during regulatory investigation
- Employment Termination: Resigned from Centaurus Financial in February 2024 for failing to disclose pending civil action
- Customer Settlements: Multiple investor complaints resulted in settlements, including $10,300 for unsuitable investment recommendations
- Multiple Firm Affiliations: Rice worked with various firms including Cetera Advisors, First Allied Securities, and Ameriprise Financial Services
Background and Career History
Lawrence Roger Rice (CRD Number 375304) maintained registration with Centaurus Financial, Inc. from October 2022 until February 2024. FINRA’s permanent bar prohibits Rice from working in the securities industry or providing investment advice to clients.
Throughout his career, Rice maintained affiliations with Cetera Advisors LLC, First Allied Securities, Ameriprise Financial Services, Morgan Keegan & Company, and Janney Montgomery Scott. He operated under Gold Coast Wealth Management while maintaining these professional connections.
These affiliations provided Rice access to numerous investment products and a substantial client base across the securities industry. His movement between financial companies over several years may have delayed detection of regulatory concerns.
Customer Complaints and Regulatory Findings
Securities industry records reveal multiple complaints against Rice during his career. A significant 2010 case involved claims of misrepresentation and unsuitable investment recommendations, resulting in a $10,300 settlement (FINRA Case #10-00454).
Additional complaints included allegations of:
- Making unsuitable investment recommendations
- Misrepresenting investment products and potential returns
- Failing to consider clients’ stated investment objectives
- Violating fiduciary duties under the Securities Exchange Act of 1934
FINRA Regulatory Actions
Permanent Industry Bar
FINRA imposed a permanent bar in August 2024 after Rice refused to provide documents requested during their investigation. These documents related to allegations mentioned in a Form U5, the official record of broker registration termination.
A permanent bar represents FINRA’s most serious penalty and means Rice cannot legally work for any brokerage firm, investment adviser, or FINRA-regulated entity in any capacity.
Departure from Centaurus Financial
Rice’s February 2024 departure from Centaurus Financial was characterized as an “allowed resignation” following his failure to timely disclose a pending civil action. Securities regulations require prompt disclosure of legal matters that might affect client interests.
This disclosure failure represents a serious regulatory violation, as financial professionals must maintain complete transparency about legal matters affecting their practice.
Legal Options for Affected Investors
Investors who suffered losses may pursue recovery through several legal avenues:
FINRA Arbitration
- File claims against the broker and supervising firm for unsuitable recommendations, misrepresentations, or regulatory violations
- Seek recovery for losses caused by breach of fiduciary duty
- Challenge firm’s failure to adequately supervise Rice’s activities
Securities Litigation
- Join class action proceedings if multiple investors experienced similar misconduct
- Pursue individual litigation for significant losses
- Challenge arbitration clauses where legally permissible
Regulatory Complaints
- Submit complaints to SEC and state regulators to trigger investigations
- Seek recovery through regulatory disgorgement funds
- Support ongoing regulatory enforcement actions
Direct Negotiation
- Pursue settlement discussions with brokerage firms before formal proceedings
- Utilize firm insurance policies covering investor losses from broker misconduct
- Explore mediation as alternative to full arbitration
Time-Sensitive Considerations
Securities claims are subject to strict deadlines that can affect your right to recovery. Prompt action is essential to preserve legal options and gather necessary documentation.
Key steps include:
- Documenting all communications and transactions with Rice
- Preserving investment account statements and correspondence
- Reviewing investment agreements for potential contract violations
- Consulting with experienced securities counsel regarding applicable deadlines
How Haselkorn & Thibaut Can Help
Our firm represents investors nationwide in securities fraud and broker misconduct cases. We handle FINRA arbitration claims, securities litigation, and regulatory matters on a contingency fee basis, meaning clients pay legal fees only upon successful recovery.
Our attorneys have extensive experience with cases involving:
- FINRA-barred brokers and supervisory failures
- Unsuitable investment recommendations
- Securities fraud and misrepresentation claims
- Recovery through arbitration and litigation
We understand the complexities of securities law and work diligently to recover losses for affected investors.
Contact Haselkorn & Thibaut
If you suffered investment losses related to Lawrence Rice’s activities, contact our experienced securities attorneys for a free consultation.
Call 1-888-885-7162 today to discuss your potential recovery options.
Time limits apply to securities claims, and early consultation helps preserve your legal rights. Our team will review your case at no cost and explain available legal remedies.
This analysis is provided for informational purposes and does not constitute legal advice. Securities laws are complex, and individual circumstances vary. Consultation with qualified securities counsel is recommended for specific legal guidance.
