Thomas James Barone (Thomas Barone) – Broker Thomas Barone Suspended from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Thomas Barone was a previously licensed financial advisor with NYLife Securities LLC. According to FINRA, Thomas Barone was fined $5,000 and was suspended from the securities industry for four months in December 2020.
According to FINRA Allegations:
Without admitting or denying the findings, Thomas Barone consented to the sanctions and to the entry of findings that Thomas Barone forged certain signatures on a whole life insurance policy application and related documents. The findings stated that when the policy went into effect, Thomas Barone signed a customer’s signature to a policy illustration document and receipt form. The policy illustration included disclosures of the policy terms, rider details, coverage amount, and premiums owed. Thomas Barone also signed the policy receipt form as agent, falsely certifying that he had delivered the signed application and policy illustration to the customer. Thomas Barone signed the forms with the mistaken understanding from another registered representative in his office that he had permission from the customer to sign on their behalf. Thomas Barone received approximately $3,200 in upfront and trailing commissions as a result of the sale. The customer complained that the policy had not been authorized and wanted to be repaid for the premium payments, which had been automatically debited from his account. To settle the complaint, Thomas Barone paid $10,000 without the firm’s knowledge or approval. Firm policies prohibited the signing of a customer’s name to any document related to the sale of a securities or insurance product, regardless of whether the customer authorized it. Later, the firm commenced an investigation. During the investigation, Thomas Barone falsely denied forging any of the documents. The firm later settled fully with the customer.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Thomas Barone 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 Thomas Barone’s 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 $200 million on behalf of victimized investors. If you lost money on investments with Thomas Barone 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 1/13/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.