Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Dexter Thomas (Thomas), formerly associated with United Planners Financial Services of America LP (United Planners) in Dallas, Texas has been accused by his former firm over unapproved securities and making client loans. In addition, Thomas has 19 customer complaints on his record – most of which relate to the unapproved activities.
In August 2018 United Planners terminated Thomas stating that he affiliated with the firm in late-2017. A short period of time later, the Thomas passed away. The firm claimed that immediately before his death, Thomas disclosed that he was involved with a number of private loans or private investments with individuals which private loans or investments were neither disclosed to, nor approved by, the firm. After Thomas’ death customers have claimed that Thomas did not return all of the funds privately loaned to or invested.
At this time it is unclear the nature or scope of the alleged outside business activities (OBAs) and private securities transactions. Thomas’ public disclosures state that his securities activity was conducted through a d/b/a – Dexter Thomas Financial Services, LLC.