Soreide Law Group is investigating claims regarding the following broker:
STEVEN WILLIAM THOMPSON CRD#: 7133484
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, STEVEN WILLIAM THOMPSON has one “Disclosure” on his FINRA CRD report. This disclosure is an “Employment Separation after Allegations,” dated December 23, 2021. Thompson was discharged from SW FINANCIAL due to the following allegations, “RR (registered representative) admitted to receiving a loan from a client. RR used non-approved electronic communications method.”
As a reminder to all investors, FINRA’s Rule 3240. “Borrowing From or Lending to Customers,” states in part:
“(a) Permissible Lending Arrangements; Conditions
No person associated with a member in any registered capacity may borrow money from or lend money to any customer of such person unless:
(1) the member has written procedures allowing the borrowing and lending of money between such registered persons and customers of the member;
(2) the borrowing or lending arrangement meets one of the following conditions:
(A) the customer is a member of such person’s immediate family;
(B) the customer (i) is a financial institution regularly engaged in the business of providing credit, financing, or loans, or other entity or person that regularly arranges or extends credit in the ordinary course of business and (ii) is acting in the course of such business;
(C) the customer and the registered person are both registered persons of the same member;
(D) the lending arrangement is based on a personal relationship with the customer, such that the loan would not have been solicited, offered, or given had the customer and the registered person not maintained a relationship outside of the broker-customer relationship; or
(E) the lending arrangement is based on a business relationship outside of the broker-customer relationship; and
(3) the requirements of paragraph (b) of this Rule are satisfied.
(b) Notification and Approval
(1) The registered person shall notify the member of the borrowing or lending arrangements described in paragraphs (a)(2)(C), (D), and (E) above prior to entering into such arrangements and the member shall pre-approve in writing such arrangements. The registered person shall also notify the member and the member shall pre-approve in writing any modifications to such arrangements, including any extension of the duration of such arrangements.
(2) With respect to the borrowing or lending arrangements described in paragraph (a)(2)(A) above, a member’s written procedures may indicate that registered persons are not required to notify the member or receive member approval either prior to or subsequent to entering into such borrowing or lending arrangements.
(3) With respect to the borrowing or lending arrangements described in paragraph (a)(2)(B) above, a member’s written procedures may indicate that registered persons are not required to notify the member or receive member approval either prior to or subsequent to entering into such borrowing or lending arrangements, provided that, the loan has been made on commercial terms that the customer generally makes available to members of the general public similarly situated as to need, purpose and creditworthiness. For purposes of this subparagraph, the member may rely on the registered person’s representation that the terms of the loan meet the above-described standards.”
FINRA’s BrokerCheck states that STEVEN WILLIAM THOMPSON is not currently registered. He was in the securities industry for one year and was listed with the following 2 firms:
08/24/2020 – 12/23/2021 SW FINANCIAL – MELVILLE, NY
01/27/2020 – 08/28/2020 WORDEN CAPITAL MANAGEMENT LLC – MELVILLE, NY
If you’ve experienced financial losses due to the actions or recommendations of broker, STEVEN WILLIAM THOMPSON formerly with SW Financial and Worden Capital Management, both of Melville, New York, contact an experienced securities lawyer at Soreide Law Group at no cost regarding the possible recovery of your losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, no fee to you if no recovery, and represents our clients nationwide before FINRA.