Thomas Scheiman Fined By FINRA For Unsuitable Advice At Independence Capital Co.

FINRA fined and suspended securities broker Thomas Gregory Scheiman [CRD: 1508288, Parma, Ohio], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Scheiman worked for Independence Capital Co. Inc. beginning March 8, 1990, and later served as an investment adviser with the same firm starting April 1, 2003. Investors can see below to find out more about disclosures involving Scheiman.

FINRA Sanctioned Scheiman For Unsuitable Recommendations

Regulatory Action Overview

Particularly, on November 17, 2025, FINRA issued Case No. 2022074289901 sanctioning Thomas Scheiman. Specifically, FINRA suspended Scheiman for two months in all capacities, fined him $5,000, and ordered him to pay $2,600 in disgorgement plus interest.

Rules Allegedly Violated

FINRA alleged that Scheiman willfully violated Regulation Best Interest under Exchange Act Rule 15l-1(a)(1) by failing to act in a retail investor’s best interest. FINRA further determined that this conduct also violated FINRA Rule 2010, which requires brokers to observe high standards of commercial honor and just and equitable principles of trade. FINRA also referenced the Care Obligation under Exchange Act Rule 15l-1(a)(2)(ii).

Underlying Conduct

According to FINRA, the violations stemmed from recommendations Scheiman made in August and September 2020 while associated with Independence Capital Co. Inc., when he recommended speculative, unrated GWG L Bonds to an elderly investor whose profile did not support such risk or concentration. FINRA noted that GWG later defaulted and filed for bankruptcy. Scheiman accepted the findings without admitting or denying them as part of a settlement.

Thomas Scheiman Disclosed Failure To Supervise Allegations By Independence Capital Co. Inc. Client

Also, a client of Independence Capital Co. Inc. filed FINRA Arbitration No. 25-00101 on January 20, 2025, contesting Scheiman’s supervision practices. Allegedly, Scheiman failed to supervise certain representatives. It appears the client incurred damages related to real estate securities and seeks $100,000 in compensation in this pending matter.

Were You Impacted By Financial Advisor / Securities Broker Scheiman?

Did you suffer any investment-related losses because of Thomas Scheiman? If so, reach out to Soreide Law Group at (888) 760-6552 or online and speak with a securities attorney about a possible recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the US. Also, the firm works on a contingency fee arrangement and advances all costs. Scheiman and brokerage firms Scheiman worked for deny accusations of sales practice violations.