Christopher Tolmacs (CRD#: 4648724), a barred broker formerly with Triad Advisors, Inc. (CRD#: 25803) in Portage, MI, is the subject of 18 disclosures on his publicly available FINRA BrokerCheck report.
11 of the disclosures against Tolmacs are customer disputes.
Customer Disputes Against Christopher Tolmacs
July, 2018: A claimant alleged that “monies provided to the Representative in 2013, purportedly for investment purposes, were converted for his own use.” $100,000 in damages requested, settled for $34,250.
March, 2018: Claimants were “dissatisfied with the performance of alternative investments purchased in 2010 and 2012 and now claim that the investments were unsuitable. As well, Claimants allege that they loaned money to the former Registered Representative and were not repaid.” $300,000 in damages requested, settled for $95,000.
January, 2017: Claimants alleged that “Representative made unsuitable recommendations for their retirement assets.” $130,267.64 in damages requested, settled for $51,000.
December, 2016: Claimants made an allegation related to suitability. $100,000 in damages requested, settled for $18,500.
October, 2016: A customer complaint alleged “breach of fiduciary duty; breach of loan agreements; breach of the implied covenant of good faith and fair dealing; failure to recommend suitable investments; and conversion. The causes of action relate to Respondent Tolmacs’ recommendation of allegedly unsuitable alternative investment products to Claimants and Respondent Tolmacs’ alleged solicitation of Claimants to enter into improper lending agreements.” $1,600,000 in damages requested, award stayed through bankruptcy court.
July, 2016: A customer dispute alleged conversion of funds. $300,000 in damages were requested, settled for $190,000.
July, 2016: A customer dispute alleged conversion of funds. $209,000 in damages requested, settled for $146,000.
June, 2016: A customer dispute alleged a problem with suitability. $100,000 in damages requested, settled for $40,000.
May, 2016: Allegation that “Representative solicited and accepted loans from customers.” $90,000 in damages were requested, settled for $60,000.
May, 2016: Allegation that “Representative solicited and accepted loans from customers.” $100,000 in damages were requested, settled for $66,000.
April, 2016: Allegation that “Representative solicited and accepted loans from customers.” $385,000 in damages were requested, settled for $225,000.
Other Disclosures On Tolmacs’ Record
In addition to the customer disputes on Tolmacs’ record, there are two tax judgments/liens from 2015, one criminal disclosure in 1992 for forging a customer’s signature while working at a car dealership, and one financial disclosure for a bankruptcy that was discharged in 2018.
The three regulatory disclosures on Tolmacs’ record include a 2016 acceptance, waiver, and consent that bars him from association with a FINRA member firm in all capacities for “failing to respond to requests from FINRA for documents and information and refused to appear for the continuation of his on-the-record testimony requested by FINRA during the course of an ongoing FINRA investigation, into whether Tolmacs had entered into lending arrangements with several of his customers through the issuance of promissory notes, and assessing whether those arrangements violated FINRA Rules, whether Tolmacs made materially misleading statements and omissions in connection with those arrangements, and whether Tolmacs converted customer funds.”
Allegations Of Borrowing Money From Clients
Tolmacs is the subject of multiple allegations involving borrowing money from customers. Generally, brokers are not supposed to borrow money from their clients unless they are an immediate family member. Frequently when a broker borrows money from a client, it’s an older client who may not understand what is happening or isn’t able to give their consent.
Silver Law Group has filed a FINRA arbitration claim to help clients recover money they lent to their broker that wasn’t repaid. One case involved an elderly investor who lent his broker more than $200,000 and was supposed to be paid back with interest. After years passed and the money wasn’t repaid, he hired us to recover his money.
We filed a FINRA arbitration claim against the firm the broker worked for because they are responsible for supervising their representative’s conduct. Our statement of claim said “Ultimately, a brokerage firm is responsible when a financial advisor improperly takes funds from a customer…(the firm) cannot turn on its own customers after its advisors take money from customers rather than suitably investing the funds.”
If your broker borrowed money and didn’t pay it back, you may be able to recover your losses.
Do You Have Investment Loses With Christopher Tolmacs Or Triad Advisors?
If you or someone you know lost money investing with Christopher Tolmacs or Triad Advisors, please contact the Silver Law Group toll free at (800)-975-4345 or e-mail firstname.lastname@example.org for a confidential consultation. Our attorneys have extensive experience representing investors with losses related to alternative and unsuitable investments, and represent investors in Florida and nationwide.