Patrick Noel Thayer of Lebanon, Ohio, a stockbroker previously registered with LPL Financial LLC and Parkland Securities LLC and owner of Broadway Financial Solutions, has been permanently barred by Securities and Exchange Commission (SEC) from associating with any investment adviser, broker, dealer, or other related entities and from participating in any penny stock offerings, because Thayer misappropriated funds in a customer’s account for personal benefit. In the Matter of Patrick N. Thayer, Administrative Proceeding File No. 3-21791 (November 1, 2023).
According to the SEC Order, From November 2013 to August 2022, Thayer made unauthorized liquidations of mutual fund holdings from a brokerage customer’s account. He transferred these funds to an account he set up in the customer’s name, which he then used for his own personal gain, all without the customer’s permission or knowledge. SEC’s Complaint alleged that $1,300,000.00 had been misappropriated from the customer by Thayer.
On July 19, 2023, Thayer was enjoined from violations of Securities Act of 1933 Section 17(a), Securities Exchange Act of 1934 Section 10(b), and Investment Advisers Act of 1940 Section 206. Additionally, in June 2023, a grand jury indicted Thayer in Ohio for the same underlying misconduct. On August 4, 2023, Thayer pled guilty to several counts, including aggravated theft, identity theft, and unlawful securities practices. Consequently, on October 2, 2023, Thayer received a sentence of 15 to 17.5 years of imprisonment and was ordered to pay restitution of $1,025,235.13 to the affected customer.
Public Disclosure also shows that on February 21, 2023, Thayer was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Thayer failed to respond to FINRA’s requests for information. Case No. 2022076444201. Thayer initially faced a suspension from association with any FINRA member, which started on December 12, 2022, and was set to end on February 20, 2023. However, Thayer did not request termination of this suspension within the required three-month period. Therefore, this led to an automatic and indefinite bar from association with any FINRA member in all capacities, effective from February 21, 2023.
FINRA Public Disclosure additionally shows that on March 13, 2023, a customer filed an investment related FINRA securities arbitration claim involving Thayer’s conduct in which the customer requested $1,300,000.00 in damages based upon allegations that Thayer misappropriated funds from her account when Thayer was associated with Parkland Securities LLC. FINRA Arbitration No. 23-00401.
Thayer is also referenced in a customer initiated investment related complaint in which the customer requested $45,250.00 in damages based upon allegations that Thayer misappropriated funds from January 2, 2019, to September 28, 2022, during the time that he was associated with LPL Financial LLC.
Thayer was associated with LPL Financial LLC in Lebanon, Ohio, from September 4, 2020, to October 27, 2022. Prior to this, Thayer was associated with Parkland Securities LLC, also located in Lebanon, Ohio, from April 1, 2014, to September 9, 2020.
