The Financial Industry Regulatory Authority Inc., also known as FINRA, barred John Thornes, president of Thornes & Associates Inc. of Redlands, Calif., and suspended his broker-dealer firm over allegations that he stole $4.2 million from two clients, one of whom FINRA says suffers from Alzheimer's disease writes Dan Jamieson of Investment News.
FINRA alleges that from December, 2010 and January, 2013, John Thornes converted customer assets in two trust accounts, using at least 50 transactions falsely characterized as loans, and transferred the money to two of his friends.
FINRA said that one victim was a 77-year-old retired homemaker with Alzheimer's who lived in a nursing home, and Thornes diverted about $1.7 million from the homemaker's $2 million trust account.
The other instance FINRA claimed a $3 million trust account created by a deceased friend of Thornes' parents to fund educational scholarships was depleted of $2.5 million, using the same fictitious loan scheme.
None of the loans have been repaid.
The case was settled last Thursday and recently released by FINRA. It's unclear whether Mr. Thornes faces any criminal charges in the matter.
If you believe a member of your family or a loved one has had money stolen by their broker, call Soreide Law Group for a free consultation with an attorney on how to potentially recover those losses call: 888-760-6552.
Zachary Cuyler Green, also known as Zach Green (CRD: 5714566), is a securities broker based in Raleigh, North Carolina. A client has claimed investment losses in a complaint involving Green, according to Financial Industry Regulatory Authority (FINRA) BrokerCheck. Green worked with Merit Financial Advisors since May 8, 2025, and Purshe Kaplan Sterling Investments since May […]
Adam T. Taff, also known as Adam Taff (CRD: 5933315), is a securities broker and financial advisor in Charlotte, North Carolina. He has been registered with MML Investors Services LLC as a broker since July 26, 2011, and as a financial advisor since November 30, 2012. Taff disclosed a client complaint involving alleged investment losses, […]
Investors might have sustained losses due to securities broker Donald Paul Robbins [CRD: 4364668, Waxhaw, North Carolina], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Robbins has been registered with MML Investors Services LLC as a broker since April 8, 2016, and as a financial advisor since April 12, 2016. Keep reading […]
Phone:
Fax: 1-954-760-6553
Email: [email protected]