Christopher Thomas Tolmacs of Portage, Michigan, a stockbroker formerly registered with Triad Advisors, Inc., is the subject of a customer initiated investment related arbitration claim, which settled for $51,000.00 in damages based upon allegations that Tolmacs made unsuitable investment recommendations to the customer concerning business development corporations, exchange traded funds and fixed annuities. FINRA Arbitration Case No. 16-03570 (Aug. 21, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Tolmacs has been identified in eight customer initiated investment related disputes containing accusations of his misconduct while employed with Triad Advisors and Harbinger Financial Group, Inc. Specifically, on June 8, 2016, a customer initiated investment related written complaint involving Tolmacs’ misconduct was settled for $66,000.00 in damages supported by allegations that Tolmacs solicited improper lending arrangements with customers.
On August 30, 2016, another customer initiated investment related written complaint regarding Tolmacs’ activities was resolved for $40,000.00 in damages based upon allegations that from August of 2014 to December of 2015, Tolmacs effected unsuitable transactions in the customer’s account concerning real estate securities, oil & gas products and mutual fund investments. Then, two customer initiated investment related arbitration claims involving Tolmacs’ conduct were settled for a total of $336,000.00 in damages supported by accusations of the conversion of customers’ funds. FINRA Arbitration No. 16-01836 (Dec. 20, 2016); FINRA Arbitration No. 16-02025 (Jan. 17, 2017).
Moreover, on September 25, 2017, a customer was awarded $1,200,000.00 in compensatory damages and $300,000.00 in punitive damages according to an investment related arbitration claim involving Tolmacs’ misconduct, based upon findings of improper customer loans, suitability regarding alternative investments; conversion of funds, breach of fiduciary duty, securities fraud, and violations of Securities Exchange Act of 1934. FINRA Arbitration Case No. 16-02899 (Sept. 25, 2017). Further, on April 20, 2017, a customer initiated investment related arbitration claim regarding Tolmacs’ activities was resolved for $18,500.00 in damages based upon allegations of suitability in reference to mutual funds effected in the customer’s account. FINRA Arbitration Case No. 16-033463 (Apr. 20, 2017).
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
