Customer Files Suit Against First Allied Securities, Patricia Thom

Patricia Carol Thom (CRD#: 1192935, San Luis Obispo, California) is a prior registered representative of First Allied Securities, Inc. According to Thom’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck file, at least twelve customers have contested Thom’s sales practices. Specifically, customers’ claims against Thom, including those summarized below, have alleged breach of contract, breach of fiduciary duty, unsuitable recommendations and even fraud.

Patricia Carol Thom Accused Of Unsuitable Investment Advice

December 31, 2014 Complaint

On December 31, 2014, a First Allied Securities, Inc. customer filed a written complaint about Thom’s sales practices. The customer alleged that it was not appropriate for Thom to have recommended a 1031 Exchange transaction involving a tenant in common investment. According to the customer, a contract had been breached and fiduciary duties were violated. Moreover, the customer claimed to have been defrauded in reference to unregistered securities sales, indicating the transactions ran afoul of the California Securities Act. Ultimately, First Allied Securities, Inc. and the customer agreed for the customer to be paid $50,000.00 to resolve the customer’s claim.

February 29, 2012 Complaint

A First Allied Securities, Inc. customer filed a written complaint on February 29, 2012 alleging unsuitability and misrepresentation. In particular, customer was sold structured notes products that were not appropriate. Additionally, it was the customer’s position that misrepresentations were made regarding the risks of structured products. In order to resolve the customer's allegations, First Allied Securities, Inc. paid the customer $62,503.00. Also, records show that Thom personally contributed to the settlement.

May 15, 2002 Complaint

On May 15, 2002, a customer of Sutro & Co. Incorporated brought a complaint referencing Thom’s alleged unsuitable recommendations and unauthorized trading. From the customer’s perspective, Thom traded mutual funds without first generating the customer’s permission. Consequently, on January 25, 2003, Sutro & Co. paid the customer $23,500.00 to settle the misconduct allegations.

June 6, 2001 Complaint

A Sutro & Co. Incorporated customer filed a complaint on June 6, 2001. Initially, the customer contended that Thom effectuated investment transactions without the customer’s consent. Additionally, Thom was alleged by the customer to have put the customer in equities and corporate bonds that were not appropriate. In light of those allegations, on June 6, 2001, Sutro & Co. paid the customer $35,016.62 to resolve the customer’s claims.
First Allied Securities, Inc. employed Thom from June 13, 2005 to September 21, 2017. Thom’s past employers include Round Hill Securities, Inc. (January 29, 2001 to June 13, 2005) and Sutro & Co. Incorporated (June 29, 1995 to January 12, 2001). Sutro & Co. Incorporated apparently permitted Thom to resign while he was under investigation for exercising discretion in customer accounts. The firm also cited Thom’s failure to comply with the firm’s policies. Thom has been a registered representative of Independent Financial Group, LLC since September 15, 2017.

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