Securities Arbitration Lawyers BlogBroker 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.
Two 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.”
Sinkula is the subject of eleven disclosures, all customer disputes dating back to 1997. Three of these disputes were filed in 2018, and all three include “unsuitable investments” in their accounts. The disputes were filed on 8/1/2018, 4/23/2018 and 4/18/2018. The damages requested for these three claims totals $3,700,000, and all three are currently pending.
Back in June, we told you about 
Rothchild is the subject of eight disclosures, the most recent of which was a customer dispute filed on 7/30/2018. In it, the client alleges “breach of contract, negligence, unsuitability, breach of fiduciary duty.” Damages requested are $100,000. This case is listed as “pending.”
In 2017, Wadsworth was involved in a customer dispute 
On 7/27/2018, FINRA reported that Flores failed to respond for a request for information. Two letters were sent to Flores on 7/27/2018, and 8/20/2018, respectively, with no response. On October 30, 2018, FINRA barred Flores indefinitely and in all capacities from any association with a FINRA member.
Through his legal counsel, Herrera indicated to FINRA that he declined to provide the requested information to them. On 7/23/2018, without admitting or denying the findings, Herrera signed the AWC letter, accepting sanctions. In the letter, FINRA indefinitely barred Herrera in all capacities.
Carter voluntarily resigned from Merrill Lynch on 2/8/2016, after she was under internal review by the firm for “fraud, wrongful taking of property, or violating investment-related statutes, regulations, rules or industry standards of conduct.” An amended Form U5 added that Carter had participated in outside business activities with a client or clients. Subsequent amended forms indicated that Carter assisted a client with an outside credit agreement and an outside investment arrangement with due diligence.
In 2017, while employed by Joseph Gunnar, allegations shown without admitting or denying the findings, Sica consented to the sanctions and to the entry of findings that he made unsuitable recommendations to an elderly customer living on a fixed income. The findings stated that Sica repeatedly recommended that the customer purchase high-risk, speculative securities that were inconsistent with her investment profile. Sica’s recommendations often resulted in an undue concentration of the customer’s account, which represented substantially all of her liquid assets, in speculative securities. Further, Sica often engaged in short-term in-and-out trading of the speculative investments in the customer’s accounts causing substantial losses. Sica’s recommendations resulted in losses of more than $150,000. The findings also stated Sica engaged in unauthorized trading by placing trades in the IZRA accounts of a customer who Sica knew was deceased causing aggregated losses on the trades totaling approximately $3,039.
In 2016 while employed by Raymond James & associates, Inc., Client alleges unsuitably, misrepresentation, omissions, breach of fiduciary duty, violations of NASD Conducts Rule 301(A), Conduct Rule 2010, FINRA Conduct Rule 2010, FINRA Rule 2111, Negligence, and breach of contract and vicarious liability. The activity date is 9/03/2013 through 1/28/2016. The complaint settled for $70,000.00.