Soreide Law Group is currently investigating potential claims on behalf of investors who may have incurred losses through securities broker Thomas Diamante (also known as Tom Diamante), CRD#: 1645257 (Babylon Village, New York). Diamante was affiliated with SW Financial from January 24, 2008, to April 17, 2023. Notably, investors brought disputes about Diamante alleging negligence and breach of fiduciary duty.
SW Financial Investor Accused Diamante Of Negligence, Breach Of Fiduciary Duty
Evidently, on May 15, 2023, a SW Financial client filed FINRA Arbitration: 23-01389 about Thomas Diamante. The client alleged that Diamante was negligent, breached fiduciary duty, and failed to supervise adequately. As a result, the client supposedly sustained damages on securities. Therefore, the client is seeking $135,000 in compensation either from SW Financial or Diamante. Notably, the arbitration is still pending a resolution.
FINRA Sanctioned Thomas Diamante For Bad Practices In Connection With Pre-IPO Offerings
Also, on May 12, 2023, FINRA issued Case #2020065599102, sanctioning Thomas Diamante. Diamante consented to the sanctions relating to his involvement in the sale of pre-IPO funds. Supposedly, Diamante failed to disclose to his firm, SW Financial, additional compensation that the firm would receive, in turn negligently misrepresenting material facts to investors. Notably, the firm purportedly collected around $2 million in additional, undisclosed compensation, a portion of which Diamante personally retained.
Furthermore, FINRA found that he failed in his duty to reasonably supervise the offerings in question. He did not complete necessary due diligence and failed to ensure the accuracy of offering documents. For his conduct, Diamante faces a variety of sanctions, including civil and administrative penalties and fines of $50,000. He is also suspended in all capacities for nine months, starting from May 15, 2023, to February 14, 2024, and in any principal capacities for three months, starting from February 15, 2024, to May 14, 2024.
Contact Soreide Law Group For Recovery Options
If you have sustained financial losses through Thomas Diamante, you may be eligible for compensation and are encouraged to reach out to us for further evaluation. Did you experience losses because of Thomas Diamante? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered money for investors throughout the United States, works on a contingency fee basis, and advances all costs. Diamante and brokerage firms he worked for deny accusations of sales practice violations.
