Thomas Edmund Connors of Toms River New Jersey a stockbroker formerly employed by International Assets Advisory LLC has been discharged by the firm on November 6, 2017 supported by accusations that Connors spoke with customers of the firm during the time that he was suspended by FINRA for engaging in outside business activities.
Specifically, Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Connors was fined $40,000.00 and suspended from associating with any FINRA member in any capacity according to a National Adjudicatory Council Decision containing findings that Connors engaged in outside business activities without disclosing them to the firm. Department of Enforcement v. Thomas Edmund Connors Case No. 2012033362101 (Feb. 13, 2017).
Evidently, while Connors was associated with Prime Capital Services, he engaged in three business activities outside the firm’s auspices. Evidently, in one of the activities, a total of forty-seven customers were charged a $399.00 fee to establish their investment advisory accounts through an advisory affiliate of Prime Capital Services. Connors also participated in an activity involving tax preparation services in which he was compensated by thirty-two customers. The third activity reportedly involved Connors’ sales of insurance policies issued by third party insurance companies. Apparently, Connors’ outside business activities where in direct violation of his agreements with the affiliates of Prime Capital Services. FINRA found Connors’ conduct violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure reveals that Connors is referenced in four customer initiated investment related disputes pertaining to allegations of Connors’ violative conduct during the time that he was associated with Prime Capital Services and First Allied Securities. For example, a customer initiated investment related arbitration claim concerning Connors’ activities was resolved for $90,000.00 founded on accusations that Connors executed unsuitable over-the-counter equities transactions in the customer’s investment account and over-concentrated the customer’s assets in a pension plan.
Another customer initiated arbitration claim regarding Connors’ activities was settled for $50,000.00 founded on allegations against Connors of executing unsuitable corporate bond trades while at Prime Capital Services causing the customer losses. Connors is also subject of a customer initiated investment related arbitration claim where the customer sought $10,000.00 in damages supported by accusations of Connors implementing a bad investment strategy involving the trading of unit investment trust and futures products. FINRA Arbitration No. 16-02105 (July 15, 2016).
