Gary Thomas is the Subject of a Suitability Dispute

Gary Thomas (CRD #: 1202504), a broker registered with Osaic Wealth, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on March 19, 2024. Keep reading if you have questions concerning his conduct. 

Investor Dispute 

On December 26, 2023, an investor alleged that a Real Estate Investment Trust (REIT) that Gary Thomas recommended underperformed. They further alleged that this REIT, which suffered losses due to the Covid pandemic impact on commercial office real estate, was an unsuitable recommendation. The investor is seeking $50,000. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Gary 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 
• Series 22 Direct Participation Programs Representative Examination 
• Series 26 Investment Company Products / Variable Contracts Principal Examination 

He is a registered broker in 12 states and is a registered investment adviser in Massachusetts. 

During his 35 years of experience, Gary Thomas has registered with nine firms. These are the five most recent: 

• Osaic Wealth (CRD #: 23131) 
• Signator Investors (CRD #: 468) 
• TransAmerica Financial Advisors (CRD #: 16164) 
• Lincoln Financial Advisors Corporation (CRD #: 3978) 
• The Lincoln National Life Insurance Company (CRD #: 2580) 

Kurta Law Can Help 

If you have worked with Gary Thomas and have concerns about your investments, do not hesitate to contact us 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.