Over a Dozen Investors Allege T. Sloan Thompson Made Unsuitable Recommendations
T. Sloan Thompson (CRD #: 2588490), a broker formerly registered with Truist Investment Services, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on April 3, 2025. Read on if you have questions about his alleged conduct as a broker.
Investor Disputes
On February 12, 2025, an investor alleged that T. Sloan Thompson mishandled his account and that the account underperformed due to his advice. This dispute is currently pending.
Two pending disputes filed on February 5, 2025, alleged that T. Sloan Thompson engaged in high-risk and unsuitable trading with regard to managed investments in 2021 and 2024.
Another pending dispute, filed on April 9, 2024, alleged that T. Sloan Thompson made unsuitable investment recommendations.
On February 6, 2024, an investor alleged that T. Sloan Thompson gave unsuitable recommendations in a managed account. The client seeks $400,000 in damages.
A similar dispute, filed on April 10, 2024, alleged that T. Sloan Thompson made unsuitable recommendations. This dispute was denied by the firm. However, investors can still seek out FINRA arbitration and potentially recover their losses even if a firm denies their dispute.
On April 5, 2024, an investor alleged that T. Sloan Thompson’s advice resulted in losses and poor account performance from 2020-2024. This dispute remains pending.
Settled Disputes
Disputes filed on January 27 and 31, 2025, also alleged that T. Sloan Thompson mishandled their accounts, resulting in underperformance. These disputes were settled for a total of $186,222.27.
Eleven disputes, filed from 2024-2025, alleged that T. Sloan Thompson violated the suitability rule through unsuitable trading or recommendations, many involving managed investments. Investors received settlements totaling $2,765,265.35.
In disputes filed on May 23 and June 10, 2024, investors alleged that T. Sloan Thompson made unsuitable recommendations and misrepresentations relating to managed investments. Investors received a collective $641,521.41 in damages.
On December 17, 2024, an investor alleged that T. Sloan Thompson chose to short the market, resulting in losses for the client. The investor received a settlement of $92,315.82.
Five disputes, filed from 2023-2024, named T. Sloan Thompson in allegations of poor account performance. These disputes were settled for $662,250.17.
On November 22, 2022, an investor alleged that T. Sloan Thompson failed to follow their instructions. This dispute was settled for $123,517.44.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which includes information about their investing experience, financial goals, risk tolerance, and tax status.
Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.
Termination from Truist Investment Services
On March 5, 2024, T. Sloan Thompson was fired from Truist Investment Services following allegations that he failed to report or to timely report investor complaints.
Background Information
- Sloan Thompson has passed the following exams:
- Securities Industry Essentials Examination – SIE
- General Securities Representative Examination – Series 7
- Uniform Investment Adviser Law Examination – Series 65
- Uniform Securities Agent State Law Examination – Series 63
He previously worked for the following firms:
- Truist Investment Services (CRD#:17499)
- BB&T Securities (CRD#:142785)
- Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
- Wachovia Securities (CRD#:19616)
- First Union Capital Markets Corporation (CRD#:6124)
- Wachovia Brokerage Service (CRD#:17503)
- Wheat, First Securities (CRD#:6124)
Kurta Law Can Help
If you worked with T. Sloan Thompson and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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 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.