Goodman & Nekvasil P.A, May Recover Investor Losses – Thomas Edmund Connors Fired by Prime Capital Services, Inc.
From 1993 to 2012, Thomas Connors was licensed with Prime Capital Services, Inc. Thomas Connors was subsequently licensed with First Allied Securities, Inc. and is now licensed with International Assets Advisory, LLC. According to FINRA’s records Thomas Connors was fired from Prime Capital Services, Inc. on July 11, 2012. Prime Capital Services, Inc. reported to FINRA that Thomas Connors collected an improper fee directly from customers of Prime Capital Services, Inc. contrary to industry rules and standards of conduct. Prime Capital Services, Inc. also reported that Thomas Connors had himself appointed directly with multiple insurance companies and failed to disclose it as an outside business activity, in violation of Prime Capital Services, Inc.’s WSP. Finally, Prime Capital Services, Inc. reported that in Thomas Connors’ role as a tax preparer with Gilman Ciocia (parent company of the B-D), Thomas Connors created invoices on the GC system and deposited payment of those invoices into Thomas Connors’ personal bank account.
Subsequent to Thomas Connors’ firing by Prime Capital Services, Inc., FINRA investigated Thomas Connors and brought a disciplinary action against Thomas Connors. Thomas Connors was fined $40,000 and suspended from association with any FINRA member in any capacity for 14 months, and ordered to pay hearing costs of $6,093.04. The sanctions were based on findings that Thomas Connors engaged in undisclosed business activities. The findings stated that without Thomas Connors’ member firm’s knowledge, Thomas Connors charged customers a fee for opening their managed advisory accounts in addition to the fees they paid under their agreements with the firm’s advisory affiliate. The findings also state that Thomas Connors charged customers a tax preparation fee without notifying the firm, and that Thomas Connors sold insurance products for insurance companies that were not on the firm’s approved list.
FINRA reports that Thomas Connors appealed this decision to the National Adjudicatory Council (NAC). The NAC imposed the sanctions following the appeal for review of an Office of Hearing Officers decision. The findings stated that specifically, Thomas Connors charged a $399 one-time set up fee to customers who were opening advisory accounts at the firm’s investment adviser affiliate, and Thomas Connors received payment directly from those customers. The findings also state that Thomas Connors charged tax preparation fees to customers to whom Thomas Connors provided tax preparation services, and Thomas Connors received payment directly from those customers. Additionally, the findings state that Thomas Connors sold customers insurance policies and received payment directly from outside insurance carriers. Finally, the findings state that Thomas Connors never provided prior written notice of these activities to the firm.
FINRA also reports that two arbitration claims involving Thomas Connors’ conduct with Prime Capital Services, Inc. were filed alleging the unsuitable sale of corporate bonds and/or unsuitable investments and undiversified investments with regard to a pension plan. These two arbitration claims settled for $90,000 and $50,000. Thomas Connors contributed $24,000 to the $50,000 settlement.
If you lost any money on investments with Thomas Connors, you may be able to recover your losses from Prime Capital Services, Inc., First Allied Securities, Inc. and/or International Assets Advisory, LLC. This is because Prime Capital Services, Inc., First Allied Securities, Inc. and International Assets Advisory, LLC had a duty to supervise Thomas Connors.
If you lost money on investments with Thomas Connors and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Prime Capital Services, Inc., First Allied Securities, Inc. and/or International Assets Advisory, LLC concerning Thomas Connors’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with Thomas Connors and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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