Dexter Leroy Thomas of Dallas Texas a former United Planners Financial Services of America stockbroker is the subject of a customer initiated investment related arbitration claim which was resolved for $256,250.00 in damages based upon accusations that a fiduciary duty that was owed to the customer had been breached by Thomas and that transactions were effected in violation of Texas Securities Act. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01288 (Apr. 3, 2020). The clam also alleges the negligent failure to supervise on the part of United Planners Financial Services of America.
FINRA Public Disclosure reveals that Thomas has been identified in 24 additional customer initiated investment related disputes containing allegations of his misconduct while employed by securities broker dealers including National Planning Corporation, SunAmerica Securities Inc., LPL Financial LLC and United Planners Financial Services of America. On May 6, 2019, a customer filed an investment related arbitration claim involving Thomas’ conduct in which the customer requested $500,000.00 in damages based upon allegations of negligence and failure to supervise. FINRA Arbitration No. 19-01239 (May 6, 2019). According to the claim, a fiduciary duty that was owed to the customer had been breached and the customer had been defrauded through Thomas’ variable annuity sale.
On May 8, 2019, a customer filed an investment related complaint concerning Thomas’ activities where the customer sought $500,000.00 in damages founded on accusations including breach of fiduciary duty and fraud in regard to a variable annuity held by the customer while Thomas was employed by United Planners Financial Services of America as well as LPL Financial and National Planning Corporation. FINRA Arbitration No. 19-01286. The claim alleges negligence and the securities broker dealers’ failure to supervise.
Thomas has also been referenced in a customer initiated investment related arbitration claim in which the customer requested $42,835,517.00 in damages supported by allegations that Thomas inappropriately took possession of funds from a customer through a loan or private investment. FINRA Arbitration No. 19-02784 (Sept. 23, 2019). According to the claim, the private loan or investment transaction was not authorized through United Planners Financial Services of America or National Planning Corporation. The claim also alleges that the funds provided to Thomas were not returned to the customer.
On October 30, 2019, another customer filed an investment related arbitration claim in reference to Thomas’ conduct where the customer sought $500,000.00 in damages based upon accusations of the customer being placed in unsuitable investments by Thomas. FINRA Arbitration No. 19-03257. The claim alleges that a fiduciary duty that was owed to the customer had been breached and that the customer was a victim to negligence and fraud. According to the claim, National Planning Corporation also failed to monitor the customer’s account.
On December 12, 2019, another customer filed an investment related arbitration claim involving Thomas’ conduct in which the customer requested $500,000.00 in damages based upon allegations of supervisory failures by National Planning Corporation and improper investments being sold to the customer by Thomas. FINRA Arbitration No. 19-03320. The claim also alleges that a fiduciary duty had been violated by the stockbroker and that the customer was defrauded.
On August 2, 2018, Thomas was discharged by United Planners Financial Services of America founded on accusations of customers providing Thomas with loans without the securities broker dealer’s permission. Before Thomas died, he allegedly failed to repay funds which were loaned to him or provided to him for investment purposes from customers.
