THOMAS G SCHEIMAN Fined and Suspended by FINRA

THOMAS GREGORY SCHEIMAN (THOMAS G SCHEIMAN) is currently listed as a broker since 1990 and as a financial advisor since 2003 with INDEPENDENCE CAPITAL CO., INC. of Parma, Ohio.  SCHEIMAN was recently fined $5,000.00, ordered to pay a disgorgement of $2,600.00, and was suspended for two months by FINRA.

According to the FINRA report, THOMAS G SCHEIMAN allegedly recommended and sold a $100,000 GWG L Bond to an 83-year-old customer who, according to the Letter of Acceptance, Waiver, and Consent, had a medium risk tolerance, annual income of $15,000, and a net worth and liquid net worth of $200,000.00. According to the Letter of Acceptance, Waiver, and Consent, the customer's investment objective allegedly was income and did not include speculation. On the application, allegedly the customer stated she was dependent on income from her investments for current living expenses. The Letter states that because of THOMAS G SCHEIMAN's alleged recommendation, the customer’s liquid net worth became 50% concentrated in the GWG L Bond. Scheiman earned $2,600 in commission in connection with this recommendation. FINRA found that THOMAS G SCHEIMAN allegedly violated the SEC’s Regulation Best Interest and FINRA Rule 2010.

According to the FINRA report, to finance its operations, GWG offered corporate bonds (L Bonds) to investors with varying maturity periods and interest rates. L Bonds were not directly secured by GWG's life insurance portfolio and were not rated by any bond rating agency. GWG sold L Bonds to retail investors including INDEPENDENCE CAPITAL CO. The offering documents for the third and fourth L Bond offerings, which began in December 2017 and June 2020 stated the GWG L bonds could be considered speculative, involved a high degree of risk, were illiquid, and were only suitable for persons with substantial financial resources and with no need for liquidity. In April 2022, GWG filed for bankruptcy.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, THOMAS G SCHEIMAN has been in the securities industry for 39 years and has been listed with 3 firms.  SCHEIMAN currently has 2 disclosures on his FINRA CRD report.  One is a “Regulatory” disclosure dated 8/30/1999 and the other disclosure is a pending “Customer Dispute” dated, 1/20/2025.

Many elderly investors’ life savings were devastated by GWG L bond sales. Soreide Law Group has successfully brought dozens of cases before FINRA involving GWG L bond sales.  Did you experience losses because of investing in GWG L-Bonds because of recommendations by your financial advisor or securities broker? If so, contact Soreide Law Group at (888) 760-6552) and speak with a securities attorney at no cost about a potential recovery of your losses. Soreide Law Group has represented investors across the United States and has secured recoveries from brokerage firms on behalf of clients. The firm works on a contingency fee basis and advances all costs, so clients do not pay unless there is a recovery.