Raymond Alexander Thomas (Ray Thomas) Financial Advisor, Broker Ray Thomas Barred from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
According to Ray Thomas’ BrokerCheck Report:
Ray Thomas was a previously licensed financial advisor/broker with Network 1 Financial Securities, Inc. from 2014 until Ray Thomas was discharged in 2018 for allegedly failing to provide records that were requested by Network 1 Financial Securities, Inc. Ray Thomas was also named a respondent in a FINRA complaint.
According to FINRA:
Ray Thomas was named a respondent in a FINRA complaint alleging that he engaged in outside business activities through a company he formed and controlled without providing prior notice to his member firm, written or otherwise.
The complaint alleges that Ray Thomas functioned and held himself out as an officer, director, and employee of the company. Ray Thomas caused the company to enter into a number of agreements, including a consulting agreement with an international venture capitalist. Many of those agreements show that Ray Thomas had the reasonable expectation of compensation for the activities he performed on behalf of the company and he was, in fact, compensated for the outside business activities he performed for it. Ray Thomas opened bank accounts in the company’s name, used those bank accounts to receive numerous third-party wire deposits from entities and individuals with whom the company conducted business, and thereafter withdrew cash from the accounts or used the proceeds to pay for his personal expenses.
The complaint also alleges that Ray Thomas repeatedly provided false or misleading information to FINRA in an effort to conceal that he was engaged in outside business activities. During a branch examination, Ray Thomas falsely told FINRA that he did not participate in any outside business activities. Likewise, when FINRA requested that Ray Thomas identify all bank accounts that he controlled, for which he had signatory authority, or in which he had a beneficial interest, Ray Thomas did not identify any of the bank accounts that he had established for the company, even though he had withdrawn nearly $100,000 from those accounts in the preceding 14 months. Finally, when FINRA took Ray Thomas’ sworn testimony, Ray Thomas falsely testified, among other things, that his mother had created the company and that he did not have control of or signatory authority for any of its bank accounts.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Ray Thomas and believe 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 concerning Ray Thomas’ 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 $180 million on behalf of victimized investors. If you lost money on investments with Ray Thomas 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.
Some of the information in this blog post was obtained on 3/11/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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