Texas regulators and Finra investigated his termination, but found nothing wrong, Bashaw says.
Bashaw claims his termination was "in retaliation for his warnings and complaints regarding LPL's regulatory violations."
In his arbitration filing, Bashaw says he complained about the "incompetence" of LPL supervision as early as September 2012, and raised his concerns a number of times directly to then LPL chief executive officer Mark Casady and president Robert Moore.
Bashaw faces a long shot in getting the court to vacate his case. Courts give deference to arbitrators, and usually toss awards only when there’s been outright fraud or a significant undisclosed arbitrator conflict.
Bashaw’s lawyer handling the court case, Edward Tredennick, of Daniels & Tredennick LLP in Houston, did not have an immediate comment Monday.
Spokespersons for LPL did not immediately respond to a request for comment.
LPL and Casady are seeking confirmation of the arbitration award in federal court.
Bashaw’s firm, James E. Bashaw & Co., is now affiliated with International Assets Advisory LLC.