Lawrence M. Thomas, of North Attleboro, Massachusetts, a stockbroker formerly registered with Essex Securities LLC, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he made improper investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2016051620501 (June 12, 2017).
According to the AWC, Thomas’ conduct was subject of investigation by FINRA to ascertain whether he made recommendations to customers concerning products that had not been authorized. To this effect, FINRA requested Thomas’ recorded testimony on April 21, 2017. Apparently, Thomas made an appearance before FINRA staff but failed to testify. Consequently, FINRA found that his failure to cooperate was violative of FINRA Rules 2010 and 8210.
Prior to this point, Thomas was fined $5,000.00 and suspended for three months by FINRA based upon consenting to findings that three customers’ signatures were forged on ten of the customer account documents by an assistant acting at his direction. Letter of Acceptance, Waiver and Consent, No. 2016051620501 (Oct. 5, 2017). FINRA concluded that Thomas’ conduct in this regard was violative of FINRA Rule 2010.
Thomas was terminated by Essex Securities LLC on September 2, 2015, based upon allegations that he was cognizant that customers’ signatures had been forged by his assistant and that customers’ annuity transactions were mismarked as unsolicited.
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