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Thanasi Tomaras Suspended By FINRA Following Allegations of an Unauthorized Business

Nov 1, 2021 AWC

Thanasi Tomaras (CRD #: 2722538), a broker registered with R.F. Lafferty & Co. is the subject of a regulatory action, according to his BrokerCheck record, accessed on October 26, 2021. FINRA alleges that Thanasi Tomaras did not inform his firm that he served as the sole owner of a landscaping business. More details are provided below. 

On September 7, 2021, Thanasi Tomaras consented to the findings that he failed to disclose his outside business to his firm. He also allegedly falsely stated on multiple compliance questionnaires that he did not engage in any undisclosed outside business activities. Today, his detailed BrokerCheck record reveals that he is the owner of a commercial and residential landscaping company called Tesa - Clean Cut Professional Lawn and Landscape. 

As part of the terms of his Acceptance, Waiver, and Consent agreement with FINRA, Thansasi Tomaras consented to a 45-day suspension and a $5,000 fine. You can read a copy of his AWC here.

Which FINRA Rule did Thanasi Tomaras Allegedly Break? 

FINRA Rule 3270 states that no broker “may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member.” Basically, brokers must provide written notice to their firm when they engage in an outside business. 

Colorado Regulatory Action 

On April 16, 2019, the Colorado Division of Securities placed a condition of heightened supervision on Thanasi Tomaras’s license. This heightened supervision stemmed from his disclosure history. It entails daily reviews of his transactions and prohibits him from trading in discretionary accounts. 

Investor Disputes 

Two investor disputes alleged that Thanasi Tomaras recommended unsuitable investments, in violation of FINRA Rule 2111. FINRA Rule 2111 states that brokers must have a reasonable basis for recommending a security. The security must also meet customer-specific requirements regarding risk tolerance and financial goals. 

Thanasi Tomaras Background Information

Thanasi Tomaras 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 52 Municipal Securities Representative Examination 
  • Series 24 General Securities Principal Examination 
  • Series 8 General Securities Sales Supervisor Examination (Options Module & General Module) 

He is a registered broker in 13 states and is a registered investment adviser in Florida. 

Thanasi Tomaras has worked for the following firms: 

  • R.F. Lafferty & Co. (CRD #: 2498) 
  • Fulcrum Advisory Services (CRD #: 131777)
  • Fulcrum Securities (CRD #: 140084) 
  • Morgan Stanley Smith Barney (CRD #: 149777) 
  • Morgan Stanley & Co. (CRD #: 8209) 
  • Morgan Stanley (CRD #: 7556) 
  • H&R Block Financial Advisors (CRD #: 5979) 
  • RSM McGladrey (CRD #: 111221)
  • H&R Block Financial Advisors (CRD #: 5979)

Kurta Law Can Help

If you suffered losses after working with Thanasi Tomaras, 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.