Thomas Logue In AISG Clients’ Suitability Disputes

Investors File Suitability Disputes About AISG Securities Broker Thomas Logue

According to BrokerCheck, the Financial Industry Regulatory Authority (“FINRA”) database on securities brokers, there are important things you should know concerning Thomas Joseph Logue (CRD#: 1700554, Hinsdale, Illinois). The securities broker, who worked for American Independent Securities Group LLC (“AISG”) from 2014 to 2017, is involved in disputes alleging sales practice violations. Here’s more on the allegations against him.

American Independent Securities Group Client Alleges Unsuitable Transaction By Thomas Logue

Evidently, a client of American Independent Securities Group took aim at Thomas Logue’s sales practices through a March 2020 FINRA Arbitration Claim. Namely, the client alleges that Logue made an unsuitable transaction. This supposedly concerned some type of asset-backed debt investment (e.g. bond, note). For this reason, the client demanded compensation. And as a result, American Independent Securities Group opted to settle by paying the client $450,000. Accordingly, this matter closed August 5, 2020.

Logue Allegedly Makes Unsuitable Trade In AISG Client’s Account

Apparently, the second most recent dispute comes from an American Independent Securities Group client who alleged unsuitability. Specifically, the August 2019 lawsuit alleges Thomas Logue’s bad asset-backed debt investment transactions for the client’s account. Supposedly, Logue caused the client to experience damages on the unsuitable trade. For this reason, the AISG client asked for $400,000. This matter is ongoing.

Illinois Securities Department Takes Action Against Thomas Logue Following FINRA’s Bar

Evidently, in July 2019, Thomas Logue received a subpoena from Illinois Secretary of State. The subpoena seemingly concerned FINRA’s decision to bar the securities broker. It appears that Logue did not respond to that subpoena. This matter is ongoing.

FINRA Bars Logue For Refusing To Testify In Investigation

The financial industry watchdog on September 14, 2018 indefinitely barred Thomas Logue as a securities broker for allegedly violating FINRA’s rules on investigations. Basically, FINRA asked him to testify about his trading. Logue chose not to talk. He purportedly refused to make an appearance, the regulator states. For this reason, Logue is no longer allowed to be a securities broker for FINRA firms (most securities brokerages in the United States).

Prior Disputes About Logue Allege Breach Of Fiduciary Duty, Misrepresentation

In a May 2019 dispute about Thomas Logue, an American Independent Securities Group client alleged that the securities broker or AISG acted in breach of fiduciary duty. Not only that, but the client alleged unsuitable trading. Because of this, the client received $50,000 in a settlement in January 2020. Also, an AISG client in a September 2017 dispute alleged that Logue misrepresented investments. To resolve this matter, the company paid the client $23,500. Finally, a First Midwest client alleged unauthorized trading by Logue. For this reason, the client obtained $14,873.03 in a settlement.

Did Thomas Logue Cause Your Investment Losses?

Apparently, securities broker Thomas Logue denies allegations of sales practice violations. Lost money by investing with this person? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with skilled counsel regarding a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses or damages because of their securities brokers and financial advisors.
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