Warning! Michael Collins of Robert Baird & Co in Chicago, IL

Lincoln Financial Advisors Corporation Fined for Failing to

Adequately Supervise Paul A. Thomas

 

We are currently investigating allegations made against Lincoln Financial Advisors Corporation, a Fort Wayne, Indiana-based securities brokerage firm.  FINRA (the Financial Industry Regulatory Authority) filed a regulatory complaint against Lincoln Financial Advisors, alleging that it failed to adequately supervise the activities of one of its former registered representatives and financial advisors, Paul A. Thomas.

 

FINRA alleged that from January 2010 to September 2011, Paul A. Thomas executed at least 1,700 penny stock transactions for his customers.  Penny stocks generally are considered stocks that sell at relatively low prices and have low market capitalization, so they often are not traded on major stock exchanges.  Penny stocks are generally volatile and subject to significant gains or losses.

 

FINRA alleged that there were at least 150 electronic alerts that notified Lincoln Financial Advisors of this activity, but it failed to adequately follow up.  To settle these allegations, Lincoln Financial agreed to pay a fine of $90,000.

 

Paul A. Thomas was a financial advisor and representative of Lincoln Financial Advisors Corp. from 2000 to October 2011.  Thomas has been the subject of at least 15 customer complaints. Thomas worked a branch office in Cleveland, Ohio.

 

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, and we have previously represented numerous investors in the Cleveland area.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.

 

HAVE YOU LOST MONEY WITH LINCOLN FINANCIAL ADVISORS in HEDGE FUNDS or PRIVATE PLACEMENT VARIABLE ANNUITIES?    

             CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION

                Denver Office: (720) 599-3505

                Seattle Office: (206) 795-5798

 

Click to view:  Lincoln Financial FINRA AWC Dec 2015