Edgar A. Thomas, of Lakeland, Florida, a stockbroker formerly registered with Investors Capital Corp., has been named in a customer initiated investment related arbitration claim on April 28, 2016, in which the customer requested $110,000.00 in damages based upon allegations that Thomas effected unsuitable transactions in the customer’s account pertaining to United Development Funding III, L.P.
FINRA Public Disclosure also reveals that on August 8, 2012, Thomas was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to supervise the activities of a Brookstone Securities, Inc. registered representative. Letter of Acceptance, Waiver and Consent, No. 2010021108002 (Aug. 8, 2012).
According to the AWC, between October 1, 2009 and May 31, 2010, Brookstone Securities registered representative LP recommended that customers purchase variable annuity products even though LP failed to have an adequate basis to conclude that customers were apprised of penalties, charges, and features pertaining to such products. Apparently, twenty-five customers were provided with disclosure forms by LP pertaining to variable annuities which misstated information regarding commitment periods and insurance riders.
The AWC revealed that Thomas failed to act regarding the misstatements that LP made to customers within Brookstone Securities’ disclosure forms. Thomas reportedly relied solely on LP’s confirmations that customers comprehended the terms pertaining to the annuities. As such, FINRA found that Thomas violated FINRA Rules 2010, 2330(c), and NASD Rules 3010(a) and 2821(c).
Since 1992, Thomas has been associated with seven different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct. Following Thomas’ termination from Investors Capital Corp. in August of 2009, he became registered with J.W. Cole Financial, Inc. (2009), Brookstone Securities, Inc. (2009 – 2012), Cabot Lodge Securities, LLC (2012 – 2013), and Carlton & Associates, Inc. (2013 – 2016).
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