Thomas Joseph Logue Jr. of Hinsdale Illinois a stockbroker formerly registered with American Independent Securities Group LLC is the subject of a regulatory action initiated by the Illinois Securities Department in reference to allegations of Logue’s failure to provide documentation to the regulator after he was subpoenaed during an investigation into his potentially unsuitable and unlawful transactions. Case No. 1700643 (July 16, 2019).
This is not the first time that Logue has been subject of a regulatory action in which he was less than cooperative. Specifically, Logue has been barred from associating with any Financial industry Regulatory Authority (FINRA) member in any capacity based upon findings that Logue obstructed a FINRA investigation into whether his trading in American Independent Securities Group customer accounts violated FINRA rules or securities laws. Letter of Acceptance, Waiver and Consent No. 2018057025501 (Sept. 14, 2018). According to the AWC, Logue was instructed under Rule 8210 to provide recorded testimony before FINRA personnel on August 23, 2018. Logue’s legal counsel informed FINRA that he refused to follow the regulator’s instructions. FINRA found Logue’s failure to testify violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Logue is referenced in twelve customer initiated investment related disputes pertaining to accusations of his misconduct while he was employed with securities broker dealers including American Independent Securities Group LLC. Specifically, Logue is referenced in a customer initiated investment related complaint which was resolved on December 12, 2017 for $23,500.00 in damages supported by allegations of asset backed debt investments being misrepresented by Logue; and transactions failing to be appropriate for the customer.
On February 16, 2018, another customer filed an investment related complaint involving Logue’s conduct where the customer sought $188,025.76 in damages founded on accusations against Logue of selling bad investments and making false or misleading statements concerning securities. Logue is also the subject of a customer initiated investment related arbitration claim in which the customer requested $450,000.00 in damages based upon allegations of poor investment recommendations from Logue regarding investments sold to the customer while the stockbroker was employed by American Independent Securities Group. FINRA Arbitration No. 18-03353 (Oct. 2, 2018).
In addition, Logue is the subject of a customer initiated investment related arbitration claim where the customer sought $200,000.00 in damages supported by accusations that Logue violated a fiduciary obligation to the customer and sold unsuitable investments during the time that he was employed by American Independent Securities Group. FINRA Arbitration No. 19-01193 (May 6, 2019).
