LPL cuts Houston branch manager Jeb Bashaw

Star broker has moved to Wunderlich Securities following termination

Oct 9, 2014 @ 4:56 pm

By Bruce Kelly

LPL Financial last month axed one of its largest branch managers, James “Jeb” Bashaw, for allegedly “failing to follow firm policies and industry regulations,” according to his BrokerCheck report.

Mr. Bashaw is a star broker in Houston; in 2011, Barron's magazine ranked him the top financial adviser in Texas, with total assets of $3.8 billion. It's not clear how much of that client money Mr. Bashaw controlled directly. Industry sources said he had total of about two dozen advisers working under him in various offices.

Mr. Bashaw is now registered with Wunderlich Securities Inc. A call to his firm, James E. Bashaw & Co., on Thursday afternoon was not returned. On his BrokerCheck report, Mr. Bashaw responded to the allegations with the statement: “I am home office supervised and have had 13 perfect audits. I am still unclear as to specifics.”

LPL was tight-lipped about elaborating on the reasons for Mr. Bashaw's termination.

(Other LPL exits: Ron Carson's firm loses 3 big advisers)

“Effective Sept. 24, 2014, James Bashaw is no longer registered with LPL,” said LPL spokeswoman Amanda Keating. “The reasons for the termination of his registration are set forth in the U5 filed by the firm.”

Mr. Bashaw had two prior customer disputes, both settled on his BrokerCheck profile, one for $10,000 in 2012 and the other for $200,000 in 1990.

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