February 2019-Leawood, KS
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.
According to FINRA records, stockbroker Thomas G. Gresham , who is currently registered with Moloney Securities, discloses a pending customer dispute and 16 prior customer disputes, many of which allege that he over-concentrated accounts with energy sector investments, including:
- FINRA Case 15-0633 by a customer of Moloney Securities aought damages of $150,000 on energy sector investment losses in the 4th quarter of 2014 . That case was settled for $55,000.
- A 10/2015 complaint by a customer while Gresham was registered with Wells Fargo Advisors who alleged unsuitable recommendations, failure to supervise, violations of Kansas Securities Act. That claim was settled for $110,000.
- A 7/2015 complaint by a customer while Gresham was registered with Wells Fargo Advisors who alleged unsuitable recommendations, failure to supervise, violations of Kansas Securities Act. That claim was settled for $335,000.
- FINRA Case 14-01834 in which a customer while Gresham was registered with Wells Fargo Advisors alleged excessive and unsuitable trading and misappropriation of customer funds. That case was settled for $175,000.
Currently Pending Claim for $1 Million
For Energy Sector Losses
Gresham discloses a currently pending dispute by a customer of his former employer, UBS Financial Services . In FINRA case 17-03338, filed in December 2017, the customer, who is seeking $1 million in damages, alleges that Gresham failed to convert a ROTH IRA into an ordinary IRA when it lost value causing the account to incur unnecessary tax liability and for losses on unsuitable investment recommendations. In addition the customer alleges excessive and unsuitable trading, fraud, negligence, breach of fiduciary duty and failure to supervise from 1-/2008-11/2017. The investments at issue include oil and gas equities and limited partnerships.
Gresham has been registered with Moloney Securities since 7/2012. Prior to that he was registered with UBS Financial Services from 10/2008-5/2012. He was discharged from UBS Financial in 5/2012. UBS made the following allegation on his FINRA record:
“Mr. Gresham’s employment was terminated when his managers lost confidence in his willingness to abide by the firm’s order entry policies because (1 )he mismarked solicited trades as unsolicited after previous discipline for exercising discretion and (2) he did not give satisfactory answers in connection with the firm’s review of the mismarking”
If you have questions about an account handled by Thomas G. Gresham contact us to discuss your options and to learn how you may be able to recover damages through FINRA arbitration.
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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