Thomas John Corsaro (CRD #5171122) Has Regulatory and Criminal Disclosures on FINRA BrokerCheck

Thomas John Corsaro (CRD #5171122) was previously registered as a broker and has regulatory and criminal disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 5, 2026. It reflects two regulatory events and one criminal disclosure. BrokerCheck states he is barred by FINRA. If you invested with Thomas John Corsaro and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Thomas Corsaro’s FINRA BrokerCheck report reflects two regulatory event disclosures. Summaries are below:

On February 13, 2026, the U.S. Securities and Exchange Commission reported a final regulatory action against Thomas Corsaro. BrokerCheck states the SEC order is based on Corsaro’s August 9, 2023 guilty plea to one count of mail fraud and a December 11, 2023 judgment. It lists a 48-month prison sentence and restitution of $1,447,809.19. BrokerCheck states the SEC imposed a permanent bar starting February 13, 2026.

On February 10, 2022, FINRA reported a final regulatory action that stated Corsaro failed to respond to FINRA requests for information. BrokerCheck states FINRA imposed a permanent bar starting May 13, 2022. The report also states the bar became effective after Corsaro did not request termination of his suspension within the required timeframe.

Criminal Charges

Thomas Corsaro’s FINRA BrokerCheck report reflects one criminal disclosure. A summary is below:

BrokerCheck lists a misdemeanor charge dated October 5, 1993 for issuing a bad check. The disposition is listed as dismissed on March 8, 2007. Corsaro’s BrokerCheck statement says the original disposition was a conditional discharge on November 17, 1993, and it was later changed to dismissed.

Rule Summary #1: FINRA Rule 8210 (Provision of Information and Testimony)

FINRA Rule 8210 authorizes FINRA to request documents, information, and testimony during investigations and examinations. A failure to respond can lead to discipline, including a bar.

Rule Summary #2: FINRA Rule 9552 (Failure to Provide Information or Keep Information Current)

FINRA Rule 9552 sets an expedited process when a person fails to comply with certain FINRA requirements, including information requests. If the failure is not cured and the suspension is not terminated on time, the rule allows FINRA to impose an automatic bar.

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, Thomas Corsaro:

Is not currently registered as a broker. BrokerCheck also states he is barred by FINRA.

Has passed the Securities Industry Essentials (SIE) exam. Thomas Corsaro has passed Series 7 and Series 6. He has also passed Series 66 and Series 63.

Was previously registered with firms that include Bankers Life Securities, Inc., SagePoint Financial, Inc., and MML Investors Services, LLC.

Kurta Law Can Help

If you have worked with Thomas Corsaro and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. You can read more about potential claims and investor protections below. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Investment 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.