August 17, 2018 UPDATE–Dallas, TX
We are currently investigating former National Planning Corp. broker Dexter L. Thomas on behalf of a number of residents of the Dallas/North Texas area who allege damages to their accounts for various reasons, including:
- Unsuitable annuity investments
- Churning of accounts
- Unsuitable Loans
We Would Like to Hear From You
If you have information you believe will assist us in our investigation, please contact us by phone or using the contact form on this page and we will call you. We express our thanks to the many concerned individuals who have already reached out to us to share what they know about this rapidly developing situation.
Dexter Thomas Suicide- We have been informed by several former individuals who had accounts with Thomas that he committed suicide on August 4, 2018.
According to FINRA records, Dexter Leroy Thomas, was last registered with United Planners Financial Services of America and operated Dexter Thomas Financial Services in Dallas. His FINRA record discloses a pending customer dispute and 2 prior final customer disputes.
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 the currently pending matter, FINRA Case 18-0601, a customer of National Planning Corp. alleges that Thomas violated FINRA rules and standards of conduct, violated the Texas Securities Act, made unsuitable recommendations and engaged in manipulative and deceitful conduct. Damages of $94,353 are sought in that case.
Thomas was briefly employed by LPL Financial from 11/2017-12/2017. Prior to that he was employed by National Planning Corp. from 9/2006-11/2017.
NATIONAL PLANNING CORP.
According to FINRA records, National Planning Corporation (NPC)requested termination of their FINRA registration on July 9, 2018. On that same date NPC requested terminations of registration in Arizona, California, Hawaii, Indiana, Maine, Nevada, Texas and Wyoming.
On July 24, 2018, NPC was hit with very significant sanctions by FINRA related to the sale of annuities. FINRA found that NPC received over $152 million from the sale of variable annuities, including $56 million from the sale of L-share variable annuities which were sold to customers without investigating the suitability of the product for the customer.
FINRA has fined NPC $650,000. In addition, NPC has agreed to disgorgement of up to $6 million to affected customers.
National Planning Corp. has also been known as Jackson National Financial Services and NPC of America.
No Charge Consultation
If you have questions about an investment account handled by Dexter Thomas , questions about annuities you may have been sold, or other financial matters involving Thomas, contact us for a no charge consultation to discuss your options.
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.
Rex Securities Law
Florida-561 391 1900