Bob Thomas Barred by FINRA

Bob Thomas (CRD #: 2283452), a broker previously registered with IBN Financial Services, has been barred by FINRA. This is according to his BrokerCheck record, accessed on August 2, 2025. Keep reading if you have questions regarding his conduct as a broker. 

Regulatory Action

On March 31, 2025, FINRA barred Bob Thomas following allegations that he failed to respond to FINRA requests for information.  

Termination 

On October 5, 2022, Avantax Investment Services fired Bob Thomas following allegations that he did not follow firm policies relating to his use of discretion and holding customer funds. 

Investor Allegations

According to the allegations filed on September 30, 2021, Bob Thomas allegedly informed his clients that they could activate the income rider associated with the variable annuities early because they were disabled. They also alleged the income riders were not activated on the date reflected in their contract.

The case was settled for $130,635.84.

What is Misrepresentation? 

Misrepresentations concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or persuading investors to purchase investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor. 

Losses that can be attributed to a stockbroker’s material misrepresentations of facts may result in a viable securities arbitration claim for damages.

Background Information

Bob Thomas has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 22 – Direct Participation Programs Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

Bob Thomas has registered with the following firms: 

• IBN Financial Services (CRD #: 42360) 
• Avantax Investment Services (CRD #: 13686)
• Securities America (CRD #: 10205) 
• Avantax Investment Services (CRD #: 13686) 

Kurta Law Can Help

If you have worked with Bob Thomas and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.