Soreide Law Group (888-760-6552) obtained the following from FINRA’s February, 2017 Disciplinary Report:
Thomas Joseph Vilord (CRD #4261608, Sewell, New Jersey)
was barred by FINRA for allegedly participating in undisclosed private securities transactions* involving more than $347,500 in unregistered corporate debenture notes sold to clients of his member firm.
FINRA’s findings stated that Thomas Joseph Vilord allegedly assisted these clients in making the investments by, preparing transaction paperwork and providing the clients with information about the company issuing the notes. Vilord did not give prior notice to his firm that he would be participating in the offering.
The FINRA findings also stated that Thomas Joseph Vilord lacked a reasonable basis to recommend the notes because he failed to conduct adequate due diligence on the offering. Vilord’s knowledge of the company was limited to his conversations with the company’s owner, information contained on the company’s website and Google searches. Although Vilord was familiar with some sources of the company’s revenue, he did not know actual revenue and debt amounts, and failed to review the company’s financial statements.
Also, FINRA’s findings included that Vilord allegedly willfully failed to timely disclose client complaints related to the sales on his Form U4 and made false statements about one complaint in a Form U4 filing. FINRA found that Thomas Joseph Vilord allegedly provided false statements regarding the same complaint in his written response to FINRA’s request for information and documents concerning the offering and a client’s complaint.
(FINRA Case #2013037385001)
*According to the reports, these one-year corporate debenture notes, offered a ten percent rate of interest, issued by a sports and entertainment company called Aregatta Sports and Entertainment. Thirteen clients of the firm invested, from August of 2010 to February of 2011, in the Aregatta Sports and Entertainment securities based upon the alleged recommendations made by Vilord for a total of $347,500.00 in funds.
According to FINRA’s BrokerCheck, Thomas Joseph Vilord, has been permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. He has been registered in the securities industry for 15 years and was listed with 5 firms, the most recent listed below:
06/28/2013 - 11/16/2016 SUMMIT BROKERAGE SERVICES INC - TURNERSVILLE, NJ
11/01/2007 - 06/21/2013 SAGEPOINT FINANCIAL INC - TURNERSVILLE, NJ
If you were a client of Thomas Joseph Vilord formerly with Summit Brokerage Services of Turnersville, NJ, call Soreide Law Group for a free consultation with a Securities Lawyer on the possible recovery of your losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide beore FINRA and we operate on a contingency fee basis.
