Thomas Leroy Deppe Jr (CRD #5121635) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Thomas Leroy Deppe Jr (CRD #5121635) was previously registered as a broker. His FINRA BrokerCheck profile shows one customer dispute. We reviewed his BrokerCheck report on June 21, 2026. BrokerCheck states that he is not currently registered as a broker. If you invested with Thomas Deppe and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Thomas Deppe’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On April 13, 2026, an estate administrator alleged that Thomas Deppe exercised undue influence related to beneficiary designations. The dispute sought $5,000 in damages. Thomas Deppe’s FINRA BrokerCheck lists the product as equity listed. This includes common and preferred stock. Osaic Wealth, Inc. denied the claim on May 5, 2026. The firm said it made a good faith determination that damages from the alleged conduct would exceed $5,000.

Rule Summary #1: FINRA Rule 3241 (Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer)

FINRA Rule 3241 addresses customer beneficiary status and positions of trust. It requires written notice and firm approval unless the customer is immediate family. The rule also requires the firm to assess the risk.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires high standards of commercial honor. It also requires just and equitable principles of trade. Customer disputes may raise Rule 2010 issues when they involve trust or fair dealing.

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 Deppe:

Is not currently registered as a broker.

Is currently registered as an investment adviser representative with Coast Advisory LLC.

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

Was previously registered with firms that include Osaic Wealth, Inc., Woodbury Financial Services, Inc., and Freedom Investors Corp.

Kurta Law Can Help

If you have worked with Thomas Deppe and have concerns, Kurta Law may help you review your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | What Is Securities 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. Counsel can explain possible next steps.