A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
Thomas Hamlin's earliest claim, docket 24-00137, came on December 11, 2023. It alleged an unsuitable recommendation to purchase an iCap Equity private placement and sought $2,000,000. Within days, customers filed docket 23-03519 on December 12, 2023 and docket 23-03533 on December 14, 2023. Those claims listed alleged damages of $189,204 and $168,000.
Another claimant followed on January 29, 2024 with docket 24-00193, seeking $108,000. These disclosures describe the same allegation, and each states that iCap Equities filed for bankruptcy on September 29, 2023.
On March 25, 2024, all of these claims settled. Docket 24-00137 settled for $150,359, docket 23-03519 for $70,000, docket 23-03533 for $20,000 and docket 24-00193 for $30,500.
Hamlin's statements on BrokerCheck for these claims describe each claimant as "a sophisticated, accredited investor who had a diversified portfolio." They say a real estate investment did not perform because of market shifts and other factors. Those factors, the statements add, appeared in a detailed PPM and came up in discussions with the Representative. They also state that "The Representative denied and continues to deny any wrongdoing."
Regulation D lets an issuer sell securities without registering the offering with the SEC. Buyers are usually accredited investors. Instead of a registered prospectus, they receive a private placement memorandum, or PPM.
These securities are often hard to resell. As a result, an investor can end up holding a note through an issuer's bankruptcy with no ready buyer. When we review a private placement claim, we start with the PPM and the investor's finances at the time of purchase.
According to the September 2024 disclosure on Thomas Hamlin's report, the iCap note relied on this exemption.
A claimant filed docket 24-01936 on September 9, 2024, alleging an unsuitable recommendation to purchase an iCap Equities private placement. That claim sought $650,000. It stayed open until March 24, 2026, when it settled for $10,000.
On September 11, 2024, another claimant filed docket 2401928 against Thomas Hamlin. The disclosure says the claimant had agreed to invest $100,000 in the note under advice from Somerset Securities. It also says iCap Equity, LLC and twenty-five affiliated entities filed Chapter 11 bankruptcy in the Eastern District of Washington.
The claimant alleged improper advice to invest in unsuitable securities and sought $101,000. The claim settled on October 14, 2025 for $13,000.
Brokerage firms have a duty to supervise the brokers who work for them. If Thomas Hamlin handled your account and you have questions, Soreide Law Group can go over it with you. Call (888) 760-6552 or contact us online. Because these claims go to FINRA arbitration rather than a local court, we handle them for investors nationwide. We work on a contingency fee basis. Here is how FINRA arbitration works.
This post summarizes public FINRA records, including BrokerCheck, as of October 24, 2026. Allegations in customer complaints and arbitrations are claims, not findings. A settlement is also not an admission of wrongdoing. FINRA may also update or correct these records after that date.
A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
Peter Po's most recent settlement came on June 28, 2026, when a corporate bond claim settled for $40,000. Po (CRD 3106974) appears in several settled customer disputes over corporate and high-yield bonds. The disclosures name NI Advisors or California Securities as the firm, and each matter ended in a settlement, not a finding.
Realized Financial customer claims over real estate investments name Jacob Adams (CRD 4975889) in pending FINRA arbitrations. The claims are unproven allegations, and no arbitrator has ruled on them. Adams responded to each in a statement on BrokerCheck.
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