Eugene Thomas Allegedly Mismanaged Client’s Stock Portfolio
Eugene Thomas (CRD #: 2065557), a broker registered with MML Investors Services, allegedly mismanaged an investor’s portfolio, according to his BrokerCheck record, accessed on February 22, 2023. If you want to know more about his alleged conduct as a broker, keep reading.
On December 30, 2022, an investor alleged that Eugene Thomas negligently mismanaged their stock portfolio. Specifically, the investor alleged that Eugene Thomas liquidated appreciated stock in 2022 without first transferring it to one of the client’s companies (as they had previously discussed), resulting in an avoidable tax liability. The client sought $322,500 in damages but the firm denied the dispute.
On February 2, 2016, an investor alleged that Eugene Thomas misrepresented the features of a variable annuity the client purchased in March 2014. This dispute was denied by the firm.
However, investors should be aware that firms can deny disputes without an external review. Investors may be able to recover their funds by seeking out FINRA arbitration following a denial.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2020
The misrepresentation of information related to investments violates FINRA Rule 2020, which bans the use of deception, manipulation, and other fraudulent tactics to influence the purchase and sale of securities.
What is broker negligence?
Brokers may act in many negligent ways, ranging from recommending unsuitable investments to engaging in excessive or unauthorized trading. Investors who feel their losses are the result of broker negligence may be able to recover their funds by pursuing FINRA arbitration.
Eugene Thomas has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Eugene Thomas is a registered broker in Colorado, Minnesota, Oklahoma, and Texas. He is also a registered investment adviser in Oklahoma and Texas.
He has also worked for MSI Financial Services (CRD#:14251) and Metropolitan Life Insurance Company (CRD#:4095).
Kurta Law Can Help
If you worked with Eugene Thomas and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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.