Soreide Law Group announces that it is currently investigating potential claims on behalf of investors who have suffered losses inflicted by securities broker Patrick Noel Thayer [CRD#: 5735955, Lebanon, Ohio]. Evidently, Thayer worked at LPL Financial LLC from September 2020 to October 2022 and Parkland Securities LLC from April 2014 to September 2020. Notably, FINRA BrokerCheck shows regulatory events involving Thayer, including a FINRA bar and a recent misappropriation charge by the United States Securities and Exchange Commission.
Notably, on June 13, 2023, the United States Securities and Exchange Commission initiated Case: 1:23-cv-00362 against Patrick Thayer. Mainly, SEC alleged that Thayer misappropriated approximately $1.3 million in assets from a single client for personal benefit.
The regulatory action filed in the U.S. District Court for the Southern District of Ohio Western Division asserts that from November 2013 through August 2022, Patrick N. Thayer engaged in deceptive acts, primarily through his business, Broadway Financial Solutions. As a registered representative and an associated person of an investment adviser, he had managed the involved client's account at various brokerage firms and provided investment advice.
Supposedly, Thayer established a bank account in the client's name, without their knowledge or consent, and misused this account. He is alleged to have forged the client's signature to facilitate the opening of this account and directed the correspondence to his business address rather than the client's home address, ensuring he had sole access to the funds. Further, the regulator claimed that he consistently transferred money from the client's brokerage account to this illicitly opened bank account and subsequently made withdrawals for his own use, involving the fabrication of the client's signature on checks.
Through these actions, Patrick Thayer is charged with violating multiple securities laws including Securities Act, Exchange Act, and Investment Advisers Act.
SEC is seeking a range of remedies. These could include permanent injunctions and the imposition of civil penalties. The current status of the case remains pending.
Also, on March 13, 2023, a Parkland Securities LLC client filed a complaint about Patrick Thayer. Evidently, the client alleged that Thayer misappropriated funds from her account between 2014 and 2020. Because of this, the client allegedly sustained damages. Therefore, the client requested $1,300,000 in compensation from Parkland Securities LLC or Patrick Thayer.
Notably, on September 28, 2022, an LPL Financial LLC client lodged a complaint regarding Patrick Thayer. Evidently, the client asserted that Thayer misappropriated funds from her account from January 2, 2019, to September 28, 2022. As a consequence, the client purportedly suffered financial harm. In response, the client is seeking damages amounting to $45,250 from LPL Financial LLC or Patrick Thayer.
Additionally, on February 21, 2023, FINRA issued Case: 2022076444201, sanctioning Patrick Thayer for infractions. Specifically, FINRA alleged that Thayer failed to respond to FINRA requests for information.
Supposedly, due to Thayer's failure to request termination of his suspension within the stipulated three-month period following the Notice of Suspension issued on November 18, 2022, and a subsequent letter on December 12, 2022, he faced automatic permanent barring from association with any FINRA member in all capacities from February 21, 2023, onwards.
Did you experience losses because of Patrick Thayer? If so, reach out to Soreide Law Group or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Thayer and the brokerage firms he worked for deny accusations of sales practice violations.
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