Timothy Patrick Lofton of Washington Township Ohio a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC and advisor employed by Horter Investment Management has been discharged from Horter on April 26, 2018 based upon accusations that Lofton failed to abide by the company’s procedures and policies relating to outside business activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Lofton is referenced in three more customer initiated investment related disputes pertaining to allegations of his misconduct while employed with Edward Jones and UBS Financial Services Inc. Specifically, on February 2, 2004, a customer initiated investment related complaint regarding Lofton’s conduct was settled for $14,600.00 in damages supported by accusations that omissions had been made to the customer concerning fees and charges pertaining to mutual fund transactions placed in the customer’s account.
Thereafter, a customer initiated investment related arbitration claim concerning Lofton’s activities was resolved for $500,000.00 in damages founded on allegations of forgery and fraud in reference to the modification of beneficiary designations on a customer’s investment account. National Association of Securities Dealers (NASD) Arbitration No. 07-00303 (Dec. 10, 2007). The customer additionally alleged that funds had been improperly withdrawn by Lofton from the customer’s account.
On October 27, 2009, another customer filed an investment related complaint involving Lofton’s activities in which the customer requested damages estimated to exceed $5,000.00 based upon accusations that the customer was advised to effect securities trades that were not suitable for the customer given the customer’s age and tolerance for risk, and omissions and misrepresentations had been made regarding the customer’s investments.
Lofton’s registration with Wells Fargo Advisors Financial Network LLC was terminated as of February 1, 2017. Since May 21, 2018, Lofton has been registered with Founders Financial Securities LLC.
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