FINRA Bars Broker Patrick Thayer After Misappropriating $1.3M
Patrick Thayer (Patrick Noel Thayer, CRD# 5735955) is a previously registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD# 6413) of Lebanon, OH. His other employers were Parkland Securities, LLC (CRD#:115368), Sagepoint Financial, Inc. (CRD#:133763), and H.D. Vest Investment Services (CRD#13686), also of Lebanon. He has been in the industry since 2010.
Thayer’s first dispute was filed on 11/18/2022 by a client who alleged he misappropriated $45,250 from her account from 01/02/2019 through 9/28/2022. This claim is still pending as of this writing.
FINRA sent Thayer a request for information in this dispute, and he failed to respond. On 11/18/2022 and 12/12/2022, FINRA sent letters to Thayer notifying him of his suspension. On 2/21/2023, FINRA sent a letter notifying him of suspension from association preventing him from associating with any FINRA member in all capacities. He failed to respond to the suspension, so Thayer was then barred effective 2/21/2023.
A second customer dispute, filed on 3/21/2023, includes similar allegations of misappropriation of $1,300,000.00 by Thayer from 2014 through 2020. This claim is also still pending as of this writing.
What Is Misappropriation?
When a financial advisor “misappropriates” a client’s funds, it’s a way of saying “theft.” This can include accepting a check and depositing it into an account they own, or investing a client’s funds in something the client didn’t authorize.
There isn’t enough detail to positively identify how Thayer misappropriated these clients’ funds or what he did with them. But when any broker or financial advisor misappropriates funds, they have not used the funds as the client expected or believed they would.
In some cases, they deposit funds into their own accounts for their own personal use. Other times, they may invest client money in so-called “alternative investments,” such as non-traded REITS, hedge funds, fictitious promissory notes, or another entity that’s under their own control. Some begin sending fabricated or “consolidated” account statements because there isn’t one from the broker-dealer.
If your broker or advisor begins sending a new form of account statement—or you stop receiving them at all—this could be a sign of something wrong. If you believe that something isn’t right, don’t accept an explanation without substantiation. Request to review your records or contact a securities law attorney to discuss your legal options.
Did You Invest With Patrick Thayer?
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 are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.