Christopher Thomas Tolmacs (also known as Chris Tolmacs) of Portage Michigan a stockbroker formerly registered with Triad Advisors Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $95,000.00 in damages based upon allegations that (1) the customer was placed in bad alternative investments including business development company (BDC) products and equipment leasing securities while Tolmacs was associated with Triad Advisors and (2) funds which were loaned to Tolmacs by the customer had not been repaid. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01037 (Feb. 19, 2019).
FINRA Public Disclosure confirms that Tolmacs has been identified in ten more customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Harbinger Financial Group Inc. and Triad Advisors. On January 17, 2017, a customer initiated investment related arbitration claim concerning Tolmacs had been resolved for $190,000.00 in damages founded on accusations of the unauthorized use of the customer’s funds by Tolmacs when he was employed by Triad Advisors. FINRA Arbitration No. 16-02025.
Tolmacs is the subject of a customer initiated investment related arbitration claim which was settled for $51,000.00 in damages on August 21, 2017 based upon allegations of bad investment advice being provided by the stockbroker in regard to the purchase of business development company products along with exchange traded funds and a fixed annuity with the customer’s retirement funds. FINRA Arbitration No. 16-03570.
On September 25, 2017, a customer initiated investment related arbitration claim pertaining to Tolmacs’ conduct resulted in the customer being awarded $1,200,000.00 in compensatory damages and $300,000.00 in punitive damages based upon the FINRA Arbitration Panel finding Tolmacs liable for defrauding the customer through his solicitation of funds for inappropriate lending agreements. FINRA Arbitration No. 16-02899. According to the Arbitration Award, Tolmacs’ conduct violated Securities Exchange Act of 1934. The Panel found that the customers’ funds had been converted by the stockbroker and that a fiduciary duty that was owed to the customer had been violated by Tolmacs.
On August 22, 2018, another customer initiated investment related arbitration claim in reference to Tolmacs was resolved for $34,250.00 in damages based upon accusations that the customer’s assets were unlawfully used by Tolmacs while he was associated with Triad Advisors. FINRA Arbitration No. 18-02488.
Tolmacs has been barred from associating with any FINRA member in any capacity based upon findings that he chose not to cooperate with the regulator during its investigation into allegations against Tolmacs including conversion of customer funds and misrepresentations relating to lending arrangements. Letter of Acceptance Waiver and Consent No. 2016048966301 (Mar. 10, 2016).
According to the AWC, Tolmacs was the subject of a FINRA investigation in 2016 during which time the stockbroker was personally handed a request from FINRA personnel which called upon him to provide documentation and information in response to the allegations against him. Tolmacs was also asked to make an appearance before FINRA personnel and provide recorded testimony. The AWC stated that an insufficient response was provided by the stockbroker to FINRA’s documentation and information request. The stockbroker also neglected to complete testifying for FINRA personnel. The regulator was subsequently made aware from Tolmacs that he refused to further cooperate with its investigation. FINRA found Tolmacs’ conduct violative of FINRA Rules 2010 and 8210.
On March 13, 2018, the stockbroker was sanctioned again by FINRA for failing to either comply with a customer initiated investment related arbitration award or confirm his compliance with FINRA.