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Thomas Brandt Terminated by NIS Financial Services

Thomas Brandt (CRD #:1521609) has been fired by MML Investors Services. This is according to his BrokerCheck record, accessed on July 12, 2024. Keep reading if you have questions regarding his alleged conduct. 

Employment Separation After Allegations 

On May 7, 2024, NIS Financial Services fired Thomas Brandt following allegations that he engaged in a recurring pattern of non-compliance. He allegedly posed an unacceptable risk to the firm’s customers and failed to provide the opportunity for the firm’s principals to review securities transactions. 

The firm further alleged that he violated FINRA Rule 2111 (The Suitability Rule) and Regulation Best Interest. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

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 

Thomas Brandt has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 6 Investment Company Products/ Variable Contracts Representative Examination 

During his 38 years of experience, Thomas Brandt has registered with two firms: MML Investors Services (CRD #: 10409) and N.I.S. Services (CRD #: 5361). 

Kurta Law Can Help 

If you have worked with Thomas Brandt and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.