Thomas Swan Facing Investor Disputes, SEC Complaint

Investors possibly experienced losses because of securities broker Thomas Brian Swan [CRD: 1698430, Westlake Village, California], and Securities and Exchange Commission (SEC) brought a complaint against him, according to publicly available disclosures. Evidently, Thomas Swan has worked for Western International Securities Inc. since 2008 as a securities broker and since 2014 as a financial advisor. The following information is an overview of the securities broker’s disclosures.

Western International Securities Inc. Investor Accused Swan Of Misrepresentation

Specifically, a Western International Securities Inc. client filed FINRA Arbitration No. 23-03501 about Thomas Swan. Mainly, the client alleged misrepresentation. Because of this, the investor supposedly sustained damages on corporate bonds. Therefore, on May 31, 2024, Western International Securities Inc. settled this matter by paying the client $16,000 in damages.

Thomas Swan Disclosed Misrepresentation Allegations By Western International Securities Inc. Client

Particularly, a client of Western International Securities Inc. contested Thomas Swan’s sales practices by filing FINRA Arbitration No. 23-02332 on August 28, 2023. Notably, the investor alleged misrepresentation. Allegedly,  Swan caused the client to sustain damages on corporate bonds. Therefore, they seek damages from Western International Securities Inc. or Swan in the amount of between $50,000 and $100,000 in this ongoing matter.

Investor Accused Swan Of Negligence

Specifically, a Western International Securities Inc. client filed FINRA Arbitration: No. 23-01805 about Thomas Swan. Supposedly, the client alleged negligence and misrepresentation. Because of this, the investor supposedly sustained damages on corporate bonds. Consequently, on April 25, 2024, Western International Securities Inc. settled this matter by paying the client $16,600 in damages.

Thomas Swan Disclosed Negligent Misrepresentation Allegations By Western International Securities Inc. Client

Also, a client of Western International Securities Inc. contested Thomas Swan’s sales practices by filing FINRA Arbitration: No. 23-00803. Notably, the investor alleged negligence and misrepresentation. Allegedly,  Swan caused the client to sustain damages on corporate bonds. Therefore, Western International Securities Inc. opted to settle the matter on December 2, 2023, by compensating the client in the amount of $14,000.

SEC Charged Swan With Violation Of Best Interest Obligation

Notably, on June 15, 2022, United States Securities and Exchange Commission initiated Case: 2:22-cv-04119 against Thomas Swan. SEC alleged that Swan violated Securities Exchange Act of 1934 ("Regulation Best Interest"). Supposedly, Swan, along with other registered representatives of Western International Securities Inc., recommended and sold approximately $13.3 million in L Bonds to investors between July 2020 and April 2021.

These L Bonds, offered by GWG Holdings Inc., were high-risk and illiquid, suitable only for investors with substantial financial resources. Supposedly, Swan and the other representatives failed to fully understand or disclose the associated risks, resulting in the recommendation of these bonds to clients whose risk tolerance and financial situations were not aligned with those high-risk investments. The SEC alleges that Swan and his colleagues did not use reasonable diligence in evaluating these investments and did not act in the best interests of their clients. This matter is ongoing.

Experience Financial Harm Due To Securities Broker Thomas Swan?

Did you experience losses due to Thomas Swan? If so, touch base with Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer concerning a possible recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Swan and brokerage firms Swan worked for deny accusations of sales practice violations.