Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by United Planners’ Financial Services of America A Limited Partner has been discharged from employment on August 2, 2018 supported by allegations that (1) Thomas maintained a number of private investments and loans with customers of United Planners’ Financial Services of America wherein those investments and loans were not authorized by the firm and (2) Thomas failed to repay customers who lent him money through those private arrangements.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Thomas has been identified in nineteen customer initiated investment related disputes pertaining to accusations of Thomas’ misconduct while employed with National Planning Corporation and United Planners’ Financial Services of America. In particular, a customer initiated investment related arbitration claim involving Thomas’ activities was settled for $30,000.00 in damages founded on allegations that Thomas breached a fiduciary duty owed to the customer and recommended a variable annuity that was not suitable for the customer. FINRA Arbitration No. 13-03354 (Sept. 22, 2014).
Subsequently, a customer filed an investment related arbitration claim concerning Thomas’ conduct in which the customer requested $94,352.90 in damages based upon accusations that Thomas breached his fiduciary duties; engaged in deceitful and manipulative conduct with regard to the customer’s variable annuity investment; made investment recommendations to the customer that were not suitable; violated Texas Securities Act; and violated FINRA rules. FINRA Arbitration No. 18-00601 (Mar. 8, 2018).
On August 3, 2018, a customer filed an investment related complaint regarding Thomas’ activities where the customer requested damages estimated to exceed $5,000.00 supported by allegations that Thomas failed to honor the terms of a private loan arrangement that had been executed between the customer and Thomas. Then, on August 7, 2018, a customer filed an investment related complaint concerning Thomas’ conduct in which the customer requested $200,000.00 in damages founded on accusations of Thomas’ receipt of customer funds through an unauthorized private loan or investment arrangement; Thomas’ failure to repay customers in accordance with that loan arrangement.
On August 15, 2018, another customer filed an investment related complaint involving Thomas’ activities where the customer requested $450,000.00 in damages based upon allegations that Thomas failed to provide a customer with the return of the customer’s funds that were either invested privately through Thomas or loaned to Thomas. Moreover, on September 6, 2018, a customer filed an investment related complaint regarding Thomas’ conduct in which the customer requested damages estimated to exceed $5,000.00 supported by accusations that the customer was inappropriately placed in a variable annuity investment.
On September 7, 2018, a customer filed an investment related complaint concerning Thomas’ activities where the customer requested damages estimated to exceed $5,000.00 founded on allegations that Thomas entered into investment transactions or lending arrangements with a customer outside the firm’s auspices, then failed to make whole on his obligations to the customer. Additionally, a customer filed an investment related civil action in the Dallas County, Texas District Court in regard to Thomas’ conduct in which the customer requested $8,100,000.00 in damages based upon accusations that Thomas was loaned funds from the customer in contravention of the policies of United Planners Financial Services of America and National Planning Corporation, and those funds had not been repaid according to an agreement between Thomas and the customer. Civil Action No. DC-18-14380 (Sept. 20, 2018).
Further, on September 23, 2018, a customer filed an investment related complaint involving Thomas’ activities where the customer requested more than $5,000.00 in estimated damages supported by allegations that a variable annuity sold to the customer was not appropriate given the customer’s objectives for investing. Thomas is also the subject of a customer initiated investment related written complaint on October 14, 2018 in which the customer requested $7,835,517.93 in damages founded on accusations that misrepresentations had been made to the customer concerning the terms and conditions of short-term investment notes; and the customer had been defrauded as part of a scheme which involved the trading of those notes.
