Thomas James Renison (Thomas Renison) – Financial Advisor/Broker Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Thomas Renison was a formerly licensed financial advisor with Horace Mann Investors, Inc. and Northwestern Mutual Investment Services, LLC. According to Thomas Renison’s BrokerCheck report, Thomas Renison was barred from the securities industry in February 2019.
According to the State of Connecticut: Thomas Renison Allegedly materially aided in fraudulent conduct and made a false or misleading statement in regulatory filings as more fully described below: On January 9, 2020, the Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-19-8426-S) against Thomas David Renison, Thomas Renison’s son, Thomas James Renison and ARO Equity, LLC of 41 Pine Street, #17, Peabody, Massachusetts 01960. ARO Equity, LLC was a self-described “private investment fund” investing in small to medium business ventures. Among those ventures was a now-defunct Massachusetts electronics manufacturing company, a construction company and a healthcare company. Thomas David Renison was an undisclosed principal of ARO Equity, LLC and the Thomas James Renison was a member and owner of the fund.
The action noted that, due to Thomas David Renison’s disciplinary history, his involvement in ARO Equity, LLC was intentionally concealed. The action alleged that from approximately August 2015, ARO Equity, LLC and Thomas David Renison violated Section 36b-16 of the Connecticut Uniform Securities Act by offering and selling over $5.8 million of unregistered “fixed rate promissory notes” purportedly paying returns ranging from 8% to 12% to investors in Connecticut, Massachusetts, Tennessee and New Jersey. Many of those investors were elderly retirees who tapped their retirement savings to make the investments.
The action also alleged that Thomas David Renison transacted business as an unregistered agent of issuer in violation of Section 36b-6 of the Act. In addition, the action alleged that ARO Equity, LLC and Thomas David Renison violated the antifraud provisions in Section 36b-4(a) of the Act by failing to disclose, among other things 1) that, contrary to respondents’ representations concerning the use of investment proceeds, investor monies were really being used to pay off earlier investors as well as ARO Equity, LLC’s business expenses and Thomas David Renison’s personal expenses; 2) the specific risk factors related to the investments; 3) Thomas David Renison’s prior disciplinary history; and 4) the precise business and operating history of ARO Equity, LLC and its affiliates, including financial information on the respondents.
The action also alleged that Thomas James Renison materially aided the foregoing antifraud violations. The action also alleged that Thomas James Renison violated Section 36b-23 of the Act by making materially false or misleading statements in filings made with the Commissioner. More specifically, at the time Thomas James Renison was registered as a broker-dealer agent in Connecticut, Thomas James Renison failed to disclose his involvement with ARO Equity, LLC and the related compensation he received.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Thomas Renison 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 Renison’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 $180 million on behalf of victimized investors. If you lost money on investments with Thomas Renisonand 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 2/5/2020 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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