Robert Michael Thorne (CRD #2163929) Has Customer Dispute Disclosures on FINRA BrokerCheck

Robert Michael Thorne (CRD #2163929) is currently registered and has customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on April 23, 2026. It reflects three customer disputes. If you invested with Robert Thorne and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Robert Thorne’s FINRA BrokerCheck Report reflects three customer dispute disclosures. Below are summaries of two settled disputes. FINRA BrokerCheck also reflects one additional customer dispute that was denied in 2005.

On February 24, 2026, a customer alleged Robert Thorne failed to follow instructions when investing funds and caused delays in transferring funds out of LPL Financial LLC. Robert Thorne’s FINRA BrokerCheck lists alleged damages of $6,000 and shows the matter settled for $6,053.37 on March 3, 2026. The disclosure lists the product as a managed or wrap account. Robert Thorne’s FINRA BrokerCheck also includes his statement that the funds were invested promptly, transfers were directed by the receiving firm, and a courtesy fee refund had already been issued.

On May 22, 2019, a customer alleged Robert Thorne did not disclose fees, which led to variable annuity surrender charges of $6,251.70. Robert Thorne’s FINRA BrokerCheck shows the product as an annuity-variable and states the matter settled for $6,251.70 on August 21, 2019. The disclosure also states that Thorne contributed $4,751.70 to the settlement.

Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)

FINRA Rule 2330 (Deferred Variable Annuities) applies to recommended purchases and exchanges of deferred variable annuities. It focuses on disclosure of fees, surrender charges, and other features that investors should understand before buying or exchanging the product.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis to believe a recommendation is suitable for the customer. Disputes about fees, product features, and investment instructions can raise questions about whether the recommendation matched the investor’s profile and objectives.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.  Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Robert Thorne:

Is currently registered with Flagship Harbor Advisors, LLC and LPL Financial LLC.

Has passed the Securities Industry Essentials (SIE) exam. Robert Thorne has also passed Series 7, Series 65, and Series 63.

Was previously registered with firms that include Ameriprise Financial Services, Inc. and IDS Life Insurance Company.

Kurta Law Can Help

If you have worked with Robert Thorne and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Security Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.