Thomas Leroy Studer of The Villages Florida a stockbroker formerly employed by Thrivent Investment Management Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Studer failed to cooperate with a FINRA investigation into allegations that Studer violated the firm’s policies and caused unauthorized transactions to be effected in a customer’s investment account. Letter of Acceptance Waiver and Consent No. 2018060478101 (May 23, 2019).
According to the AWC, an investigation was commenced by FINRA around the time Studer had been terminated by Thrivent Investment Management Inc. Evidently, in a Form U5 submitted by the firm to FINRA, Thrivent Investment management disclosed that its policies had been violated by Studer concerning the documentation for power of attorneys on investment accounts which caused a transaction to be executed by an unauthorized representative.
The AWC stated that Studer was notified on May 16, 2019 that FINRA sought Studer’s recorded testimony in regard to the accusations referenced by Thrivent Investment Management. The AWC stated that Studer was expected to comply under Rule 8210; however, Studer ultimately refused. Studer reportedly conveyed that he understood FINRA’s requests but would make no appearance to testify in regard to the allegations of his misconduct. FINRA found Studer’s failure to cooperate to be violative of FINRA Rules 2010 and 8210.
Studer was registered with Thrivent Investment Management Inc. between May 5, 2014 and November 9, 2018.
