Elizabeth Ann Thompson (also known as Beth Thompson and as Liz Thompson) of Gloucester Massachusetts a stockbroker formerly employed by Citizens Securities Inc. has been identified in a customer initiated investment related complaint on March 5, 2019 where the customer sought $53,000.00 in damages founded on accusations of omissions by Thompson relating to the customer’s tax consequences in liquidating investments to buy an annuity during the time that Thompson was employed by Citizens Securities.
However, absent an affirmative undertaking to provide tax advice, such claims are generally deficient, and outside of an estate, where there may be an adjusted basis, all persons with profits “eventually” pay taxes.
This is not the first time that Thompson has been referenced in a dispute pertaining to allegations of her bad business practices in the securities industry. FINRA Public Disclosure indicates that Thompson is also referenced in a customer initiated investment related complaint on December 6, 2017 in which the customer requested damages estimated to exceed $5,000.00 supported by allegations of the stockbroker inappropriately allowing the personal representative of the customer’s estate to effect an improper transfer to the customer’s bank account from the customer’s brokerage account during the period in which Thompson was employed by Citizens Securities.
FINRA Public Disclosure reveals that Thompson was terminated by former employer Fifth Third Securities based upon accusations that variable annuity documentation that she provided to the securities broker dealer had been impermissibly altered. On September 24, 2018, Thompson was discharged by Citizens Securities based upon accusations that she maintained signed but otherwise blank or incomplete forms to effect securities transactions for customers of the securities broker dealer.
