Robert “Bob” Thomas Investigation
May 2023-Bangor, ME
According to publicly available records Robert A. Thomas a currently unregistered broker who formerly worked for Avantax Investment Services, discloses the settlement of 2 customer complaints and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 9/2021, Advantax Investment Services, Inc. customers alleged that Thomas incorrectly informed them that they could activate the income rider associated with the variable annuities they purchased in 2007 early because they were disabled. They also alleged the income riders were not activated on the date reflected in their contract. The case was settled for $130,635.
In 6/2012, a HD Vest Investment Services customer alleged that the recommendation to invest in the mutual fund was not suitable. Thomas’ CRD states “According to the State of Maine inquiry, it appears the allegations are related to the suitability of mutual funds.” The customer complaint was settled in the amount of $42,000.
In 10/2022, Thomas was discharged from Avantax Investment Services, Inc. for failure to follow firm policies relating to Regulation Best Interest, holding customer funds, use of discretion and direct trades. Thomas had been with Advantax Investment Services since 5/2020.
Thomas was briefly employed by IBN Financial Services, Inc. from 10/2022- 5/2023 and is not currently employed by any FINRA registered firm.
If you have suffered losses in an account handled by Robert “Bob” Thomas, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
See this for information on our other investigations involving Avantax brokers.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have 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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