UPDATE MARCH 2017– Thomas Schober, formerly a broker with SII Investments discloses a pending customer dispute and two prior customer disputes that have been resolved. All of the disputes relate to investments in annuities.
In the currently pending FINRA arbitration #16-02558, a customer or SII Investments alleges damages of $350,000 for unsuitable investments in variable and fixed annuities.
ORIGINAL POST–March 3, 2016– Westborough, MA
Thomas P. Schober , a broker with SII Investments, entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he recommended unsuitable annuity exchanges in the accounts of two senior customers (ages 83 and 84) and then concealed the source of the funds on the annuity transaction documents in violation of FINRA rules.
The AWC alleges finds that the investors, one of which suffers from dementia, were conservative investors with limited financial means and counted on the income from their investments to fund their retirement. Schober made the following trades, per FINRA:
Since all of the exchanged were still in the surrender period, the customers paid $154,642 in surrender charges thereby generating a huge commission for Schober and his employing firm SII Investments.
AWC No. 2015044007001
Schober was permanently barred from association with any FINRA member in all capacities.
FINRA records disclose that Schober was registered with SII Investments from 6/2007 to 1/2015. Prior to that Schober was registered with Legacy Financial Services 8/1998-6/2007.
If you suffered losses in an account handled by Thomas Schober, you may be able to recover damages from his employer.
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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