Investors potentially experienced losses due to securities broker Craig Sherman Thistlethwaite [CRD: 2507050, Perrysburg, Ohio], according to disclosures on FINRA BrokerCheck. According to the regulator, Thistlethwaite worked for Morgan Stanley from June 1, 2009, to February 16, 2023. Here’s more about the securities broker’s disclosures.
Particularly, on December 11, 2024, the Ohio Division of Securities initiated Case No. 24-045 against Craig Thistlethwaite. Specifically, the Ohio Division of Securities alleged that Thistlethwaite engaged in violations related to options trading. Therefore, the Ohio Division of Securities intends to sanction Thistlethwaite with a cease and desist order, potential revocation, and suspension.
The regulatory action stems from Thistlethwaite’s time at Morgan Stanley Smith Barney LLC, where the activities that led to the enforcement occurred. The matter is currently pending.
Also, FINRA issued Case No. 2023077934901 on July 24, 2024, sanctioning Craig Thistlethwaite. Allegedly, Thistlethwaite exercised discretionary authority to place 546 trades in two related investors' accounts without obtaining prior written authorization from the investors and without Morgan Stanley approving the accounts as discretionary. Additionally, Thistlethwaite caused the firm to keep incomplete books and records by using a personal cell phone to send business-related communications, including those concerning securities transactions. These communications were conducted on an unapproved platform and were not preserved by the firm, as required by FINRA regulations.
As a result, Thistlethwaite was suspended for 60 days and fined $10,000. The suspension period began on August 5, 2024, and ended on October 3, 2024. Thistlethwaite consented to these sanctions through Acceptance, Waiver Consent (AWC) without admitting or denying the findings.
Thistlethwaite violated NASD Rule 2510(b) and FINRA Rule 3260(b) by executing trades in investors’ accounts without written authorization or firm approval. Additionally, he violated FINRA Rule 4511 and Exchange Act Rule 17a-4 by using his personal device to discuss securities transactions via text, bypassing firm recordkeeping policies.
Particularly, on January 17, 2023, Morgan Stanley disaffiliated with Thistlethwaite. Specifically, Morgan Stanley alleged that Thistlethwaite entered transactions in two related clients' accounts without receiving verbal confirmation, engaged in firm-related communications with the client on his non-firm-approved device, and entered into an outside transaction with a client without approval.
Also, a client of Morgan Stanley contested Craig Thistlethwaite’s sales practices by filing FINRA Arbitration No. 22-00218. Allegedly, Thistlethwaite made unsuitable recommendations regarding stock options strategies from May 2015 to May 2021. It appears that Thistlethwaite caused the client to sustain damages on options. Therefore, Morgan Stanley opted to settle the matter on December 29, 2022, by compensating the client in the amount of $4,200,000.
Notably, a Morgan Stanley client filed FINRA Arbitration No. 21-02127 about Craig Thistlethwaite. Specifically, the client alleged unauthorized trading, breach of fiduciary duty, negligence, and violations of FINRA rules. Because of this, the client allegedly sustained damages on options and technology stocks. Therefore, on December 1, 2022, a FINRA Arbitration Panel issued an Award ordering Morgan Stanley to pay the client $11,500,000 in compensatory damages.
Seeking more information about Craig Thistlethwaite? If you incurred losses, get in touch with Soreide Law Group online or at (888) 760-6552 and speak with a securities attorney about a possible recovery. Soreide Law Group has recovered losses for investors throughout the country, represents clients on a contingency fee basis, and advances all costs. Thistlethwaite and brokerage firms he worked for deny any allegations of sales practice violations.
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