Broker T Thompson in Truist Investment Services, Inc. Firm Has Customer Complaint

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker T Thompson (Thompson), previously associated with Truist Investment Services, Inc., has at least 17 disclosable events. These events include 17 customer complaints, alleging that Thompson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $75,290.25 on November 12, 2024.

Client alleges FA’s investment advice resulted in losses and poor account performance from August 2021 to March 2023.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $250,000.00 on July 23, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investments in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint on July 23, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investments in February 2021 and December 2023.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $495,000.00 on July 19, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investments in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint on July 05, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investments in February 2021 and May 2024.

FINRA BrokerCheck shows a pending customer complaint on June 26, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investments in February 2021 and November 2023.

FINRA BrokerCheck shows a pending customer complaint on June 24, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investments in February 2021 and May 2024.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $450,000.00 on June 14, 2024.

Clients allege high risk and unsuitable securities trading in managed investments in September 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $475,000.00 on June 12, 2024.

Clients allege high risk and unsuitable securities trading in managed investments in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint on June 10, 2024.

Client’s allege high risk, unsuitable recommendations and misrepresentation regarding managed investments in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint on June 10, 2024.

Client alleges poor performance resulting in considerable loses in managed accounts as a result of investment advice she received from January 1 2021 to December 31, 2023.  Client further alleges losses due to those same managed accounts then being placed into the money market without her knowledge or consent in January 2024.

FINRA BrokerCheck shows a pending customer complaint on June 05, 2024.

Clients allege high risk and unsuitable securities trading regarding managed investment in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint on May 23, 2024.

Clients allege high risk, unsuitable recommendations and misrepresentation regarding managed investments in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint on May 14, 2024.

Client alleges high risk and unsuitable securities trading in managed investments in February 2021 and April 2024.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000.00 on April 09, 2024.

Customer alleges advisor made unsuitable recommendations resulting in losses.

FINRA BrokerCheck shows a pending customer complaint on April 05, 2024.

Client alleges FA’s investment advice resulted in considerable losses and poor account performance over the last four years.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $400,000.00 on February 06, 2024.

Client alleged unsuitable recommendations in managed account.

Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated ‘Regulation Best Interest (Reg BI)‘ which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.

Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. Every recommendation’s cost and investor details are always part of material information. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.

In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. So, a brokerage firm should not depend solely on information from the issuer regarding a company, but must perform its own thorough investigation.

Another protective measure is to require broker discloses. Brokers are required by FINRA to reveal the events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on their public BrokerCheck reports. FINRA has recognized that recent studies offer evidence showing that brokers with a past record of regulatory and customer complaint issues are more likely to have such issues in the future. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.

Thompson has been in the securities industry for more than 28 years. Thompson has been registered as a Broker with Truist Investment Services, Inc. since 2021.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.

 

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