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Broker Dexter Thomas Dies Leaving $9.2M In Customer Claims

Dexter Leroy Thomas (CRD #1074222) is a formerly registered broker and investment advisor who was last employed with United Planners’ Financial Services Of America A Limited Partner (CRD #20804) of Dallas, TX. His previous employers include LPL Financial LLC (CRD #6413), National Planning Corporation (CRD #29604) and Invest Financial Corporation (CRD #12984), all of Dallas.  He began in the industry in 1983, and passed away on August 4, 2018.

FINRA-Permanently-Bars-Barry-Hartman-From-Securities-Activity-for-Alleged-“Selling-Away”-Activities-300x209Two days before his death, United Planners discharged Thomas after he revealed to the firm that he had engaged in “selling away,” privately borrowing money and making investment arrangements with several individuals outside of the firm’s auspices. Many of these individuals later became customers of United Planners. Thomas revealed that he conducted these transactions without notifying the firm, and the firm promptly terminated his employment.

The first of a total of fifteen claims was filed on 7/31/2018, just two days before his discharge from United Planners. The last claim was filed on 9/23/2018. These claims alleged either “unsuitable investments” or detailing monies borrowed but not returned without the firm’s knowledge or approval. Of the fifteen claims listed in BrokerCheck, eight request financial damages from $22,000 to $8.1 million, for a total of $9,260,000. These claims are all listed as “pending.”

The most recent customer dispute, filed on 10/14/2018, was credited to Thomas due to a clerical error. Thomas was not actually involved with the claim, and it was subsequently denied.

A previous customer dispute was filed on 10/24/2016 by a client who alleged “violations of FINRA rules and standards of conduct, violation of the Texas Securities Act, and negligence in making unsuitable recommendations, engaging in manipulative and deceitful conduct, and breach of duties.” The client is requesting damages of $94,352.90, and this claim is also listed as “pending.”

Thomas had four financial disclosures, all filed on 11/28/2012. Little information is available other than they were all listed as “compromise” and as “satisfied/released.”

Did You Invest Or Loan Money To Dexter Leroy Thomas?

If you’d like to find out if your investments were properly handled, or any financial matters he may have handled, we can take a closer look at your accounts. Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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