Thomas Hammond, Fair Oaks, CA, Barred by FINRA

Thomas Brown Hammond (CRD #2389080, Registered Representative, Fair Oaks, California)

was barred from association with any FINRA member in any capacity.  Hammond consented to the described sanction and to the entry of findings that he solicited both his brokerage firm customers and customers of his consulting business to invest funds in a fictitious private portfolio that would earn a steady interest rate in excess of their current investments, then converted those funds for his own use.

Hammond stole at least $546,650 from customers at his member firm and his consulting business. At least $492,250 was taken from Hammond’s customers at his firm.

FINRA's findings stated that when his customers inquired about their investments, Hammond sometimes provided bogus updates of their investments, either orally or through false one-page account summaries.

One customer wanted to cash out $58,000 in the private portfolio, so Hammond told the customer it would take seven days for the money to be available. Hammond returned $48,000 to that client the next week. The money was fraudulently obtained from another customer.

(FINRA Case #2011026683401 )

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.

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