According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Patrick Thayer (Thayer), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one regulatory event, alleging that Thayer recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on November 01, 2023.
The Securities and Exchange Commission (‘Commission’) deems it necessary and in the interest of the public to accept the Offer of Settlement (the ‘Offer’) submitted by Patrick N. Thayer (‘Respondent’ or ‘Thayer’), for the purpose of settlement of these proceedings instituted against Respondent. Respondent has submitted an Offer of Settlement (the ‘Offer’), which the Commission has determined to accept. The Commission finds that Thayer between November 2013 until August 2022, Thayer sold mutual funds in a brokerage customer’s account and transferred the funds to an account he established in the customer’s name which he then used for his personal benefit, all without the customer’s permission or knowledge. On June 13, 2023, the Commission filed a complaint against Thayer. Thayer agreed to a bifurcated settlement. On July 19, 2023, the court imposed permanent injunctive relief against Thayer, enjoining him from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. In June 2023, Thayer was indicted by a state grand jury in a criminal proceeding styled State of Ohio v. Patrick Noel Thayer, Case No. 23CR40675 (Warren County, Ohio), which was based on the same underlying conduct as the Commission’s complaint. On August 4, 2023, Thayer pled guilty to three counts of the criminal indictment: unlawful securities practices (Count 2); aggravated theft (Count 3); and identity theft (Count 5). On October 2, 2023, Thayer was sentenced to a term of incarceration of 5-7 and a half years on Count 2, 5 years on Count 3 and 5 years on Count 5, with each period of incarceration to be served consecutively, for a total period of incarceration of 15 years minimum and 17 and a half years maximum. Thayer was also ordered to pay restitution of $1,310,605.81 to the brokerage customer, with a credit for $285,370.68 previously paid, leaving a balance of $1,025,235.13.
Securities Lawyers Blog
