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Articles Tagged with unsuitable investments

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.”

Christopher David Sinkula (CRD #2001512) is a currently registered broker and investment advisor who is currently employed with Janney Montgomery Scott LLC (CRD #463) of Stuart, FL. His previous employers include Citigroup Global Markets Inc. (CRD #7059), also of Stuart, A. G. Edwards & Sons, Inc. (CRD #4) of St. Louis, MO and Blinder, Robinson & Co., Inc. (CRD #5096.) He has been in the industry since 1989.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-300x200Sinkula 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.

Two nearly identical customer disputes were filed on 10/13/2017 and 7/14/2017, alleging that Sinkula “made unsuitable investments in his account by creating a high concentration in energy stocks.” Both requested damages of $100,000, but were settled for $$24,750 and $22,900, respectively, and settled “in the interest of client relations and to avoid potentially lengthy and costly litigation.” Previous customer disputes are listed as “denied.”

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