uffer Investment Losses From CHRISTOPHER TOLMACS?
Soreide Law Group is evaluating possible investor claims against Triad Advisors securities broker Christopher Tolmacs (CRD#: 4648724, Portage, Michigan). It appears from Tolmacs’ Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report that he may have sold inappropriate and unsuitable alternative investments to clients. Furthermore, Tolmacs discloses three regulatory actions, one of which resulted in FINRA barring him from the securities industry. Here’s more on the allegations of Tolmacs’ sales practice violations and potential theft of client funds:
Triad Advisors Client Files FINRA Arbitration Suggesting Christopher Tolmacs Converted Funds
Evidently, a client of Triad Advisors brought FINRA Arbitration #: 18-02488 on July 12, 2018. Allegedly, the client provided Christopher Tolmacs money to make investments in 2013. However, Tolmacs did not make the investments. Rather, Tolmacs allegedly stole or “converted” the client’s funds. Eventually, Triad Advisors opted to settle the matter August 22, 2018 by paying the client $34,250.
FINRA Arbitration Filed By Triad Client Indicates Tolmacs Made Unsuitable Investments
Also, a Triad Advisors client contested Christopher Tolmacs’ sales practices by filing FINRA Arbitration #: 18-01037 on March 29, 2018. Allegedly, Tolmacs sold the client business development company and Equipment Leading products. The clients additionally alleged that they loaned Tolmacs money but he failed to repay them. On February 19, 2019, Triad Advisors compensated the clients to the tune of $95,000 to settle the matter.
FINRA Arbitrators Order Tolmacs To Pay $1.5M For Securities Fraud
Apparently, Christopher Tolmacs used to affiliate with Harbinger Asset Management. Clients of Harbinger filed FINRA Arbitration #: 16-02899. First of all, the clients stated that Tolmacs failed to comply with his fiduciary responsibilities or abide by loan agreements. Secondly, clients suggested Tolmacs made unsuitable investment recommendations about alternative investments. Thirdly, Tolmacs advised clients to enter into unreasonable lending arrangements. Finally, Tolmacs allegedly converted clients funds.
FINRA Arbitrators held Tolmacs liable and ordered him to pay $1,200,000 in compensatory damages. Not only that, the Panel ordered Tolmacs to pay $300,000 in punitive damages for committing fraud. Subsequently, FINRA sanctioned Tolmacs because he apparently did not pay the Arbitration Award.
Tolmacs Barred By FINRA For Non-Cooperation In Investigation
FINRA basically ended Christopher Tolmacs’ career in the securities industry in 2016 for violating FINRA Rule 8210. Tolmacs confirmed that he would not testify or give information to FINRA regarding allegations of his potentially unlawful lending arrangements, misrepresentations, and conversion of client funds. FINRA says at first, Tolmacs only partially responded to its requests for documents and information. Then, FINRA instructed Tolmacs to testify. However, Tolmacs stalled and eventually refused to cooperate in the investigation.
Have you suffered losses by investing with Triad Advisors securities broker Christopher Tolmacs? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.