Dexter Leroy Thomas of Dallas, TX, a stockbroker registered with National Planning Corporation, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $40,000.00 in damages based upon allegations that Thomas failed to supervise certain registered representatives, whom were negligent, or made unsuitable recommendations, breached their fiduciary duties, and committed fraud during the time that Thomas was associated with National Planning Corporation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03257 (November 24, 2020).
FINRA Public Disclosure shows that Thomas has been referenced in twenty-four other customer initiated investment related disputes concerning Thomas’ conduct while associated with securities broker dealers, including United Planners Financial Services Of America. On April 3, 2020, a FINRA securities arbitration claim involving Thomas’ conduct was settled for $256,250.00 in damages based upon allegations that Thomas was negligent, failed to supervise certain registered representatives, violated state securities laws, and breached his fiduciary duties in connection with the sale of investments. FINRA Arbitration No. 19-01288.
Thomas was also referenced in a FINRA securities arbitration claim that was settled for $43,000.00 in damages based upon allegations that Thomas failed to supervise certain registered representatives, was negligent, breached his fiduciary duties, and committed fraud in connection with the sale of variable annuities. FINRA Arbitration No. 19-01286 (July 31, 2020).
On July 31, 2020, a different FINRA securities arbitration claim involving Thomas’ conduct was settled for $43,000.00 in damages based upon allegations that Thomas was negligent, failed to supervise certain registered representatives, committed fraud, and breached his fiduciary duties in connection with the sale of variable annuities. FINRA Arbitration No. 19-01239.
Thomas was also referenced in a FINRA securities arbitration claim that was settled for $1,500.00 in damages based upon allegations that Thomas failed to supervise certain registered representatives, was negligent, breached his fiduciary duties, and committed fraud in connection with the sale of REITs. FINRA Arbitration No. 19-01310 (August 14, 2020).
Thomas was associated with National Planning Corporation in Dallas, TX, as a stockbroker from November of 2006 to November of 2017, and associated with United Planners’ Financial Services of America in Dallas, TX, as a stockbroker from November of 2017 to August of 2018. United Planners Financial Services Of America discharged Thomas on August 2, 2018, based upon allegations that Thomas engaged in an undisclosed outside business activity.
