Thomas G. Gresham, of Overland Park, Kansas, a stockbroker formerly associated with Wells Fargo Advisors, LLC, has been subject to five customer initiated arbitration claims on July 10, 2015, which were settled for a total of $655,000.00 in damages based upon allegations against Gresham including unsuitable investment recommendations, breach of fiduciary duties, unjust enrichment, and violations of Kansas Securities Act. The customers additionally alleged that Wells Fargo Advisors failed to supervise Gresham’s activities.
FINRA Public Disclosure reveals that Gresham has been subject to nine other customer initiated investment related arbitration claims. Particularly, on February 13, 2001, a customer initiated investment related arbitration claim involving Gresham’s conduct was settled for $50,000.00 in damages based upon allegations that Gresham made unsuitable investment recommendations to the customer.
On November 19, 2008, a customer initiated investment related arbitration claim involving Gresham’s actions was settled for $50,000.00 in damages based upon allegations that Gresham made misrepresentations to the customer concerning investments, and effected unsuitable investments in the customer’s account. Additionally, on October 5, 2009, a customer was awarded $260,000.00 in damages per an investment related arbitration claim involving Gresham’s conduct in which Gresham was alleged to have effected unsuitable investment transactions in the customer’s margin account.
On June 1, 2010, a customer initiated investment related arbitration claim involving Gresham’s actions was resolved for $225,000.00 in damages based upon allegations that Gresham made unsuitable investment recommendations in the customer’s account. On September 13, 2010, another customer initiated investment related arbitration claim involving Gresham’s conduct was settled for $160,000.00 in damages based upon allegations that Gresham made investment recommendations which were unsuitable. Further, on May 15, 2014, a customer initiated investment related arbitration claim involving Gresham’s actions was settled for $30,000.00 in damages based upon allegations that Gresham traded in the customer’s account in an unsuitable and excessive manner, and charged the customer with excessive fees and commissions.
On June 11, 2014, a customer initiated investment related arbitration claim involving Gresham’s conduct was settled for $30,000.00 in damages based upon allegations that Gresham misappropriated the customer’s funds, made unsuitable investment recommendations, and effected excessive trades in the customer’s account. On November 19, 2014, a customer initiated investment related arbitration claim was resolved for $55,000.00 in damages based upon allegations that Gresham was responsible for the customer’s market losses pertaining to energy sector investments.
Following Gresham’s termination from Wells Fargo Advisors, LLC, he was employed with UBS Financial Services Inc. from October of 2008 to May of 2012. He is currently registered with Moloney Securities Co., Inc.
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