Thomas Joseph Logue Jr. of Hinsdale Illinois a stockbroker formerly employed by American Independent Securities Group LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide recorded testimony for FINRA in the course of an investigation into Logue’s possible violative trading practices. Letter of Acceptance Waiver and Consent No. 2018057025501 (Sept. 14, 2018).
According to the AWC, Logue’s trading activities became subject of a FINRA investigation following FINRA’s examination of American Independent Securities Group LLC. The investigation apparently focused on whether Logue engaged in conduct violative of FINRA rules or federal securities laws.
The AWC stated that Logue was sent a request by FINRA personnel on June 20, 2018 which called upon Logue to provide FINRA with recorded testimony in August 2018 under Rule 2810. Apparently, Logue’s legal counsel subsequently contacted FINRA to reveal that Logue would not testify for FINRA at any point. As a consequence, FINRA found Logue’s conduct violative of FINRA Rule 2010 and 8210.
FINRA Public Disclosure confirms that Logue has been identified in five additional customer initiated investment related disputes containing allegations of his violative conduct during the time that he was associated with American Independent Securities Group LLC and First Midwest Securities Inc.
In particular, on March 6, 2006, a customer initiated investment related complaint concerning Logue’s conduct was settled for $14,873.03 in damages founded on accusations that unauthorized options trades were executed in the customer’s account. On July 17, 2017, another customer filed an investment related complaint regarding Logue’s conduct where the customer sought $25,617.82 in damages supported by allegations of unwarranted losses on asset-backed debt investments held in the customer’s account.
On December 12, 2017, a customer initiated investment related complaint involving Logue’s activities was resolved for $23,500.00 in damages based upon accusations that Logue misrepresented the nature of the customer’s asset-backed debt investments, and effected unsuitable transactions in the customer’s account.
Thereafter, a customer filed an investment related arbitration claim concerning Logue’s activities in which the customer requested $127,520.30 in damages founded on allegations of Logue’s unsuitable trading in the customer’s account. Moreover, on February 16, 2018, a customer filed an investment related complaint concerning Logue’s conduct where the customer sought $188,025.76 in damages supported by accusations against Logue of misrepresentation and suitability.
Logue’s registration with American Independent Securities Group LLC has been terminated as of June 26, 2017.
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