Victim of Financial Fraud? Call Now
Home » Broker Blog » Thomas Ley Allegedly Executed Unauthorized Trades

Thomas Ley Allegedly Executed Unauthorized Trades

Thomas Ley (CRD #: 1127048), a broker registered with Wells Fargo Clearing Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on May 20, 2024. Keep reading if you have questions concerning his alleged conduct. 

Investor Allegations 

On March 25, 2024, an investor alleged that Thomas Ley executed unauthorized trades that resulted in losses. 

Unauthorized Trades 

FINRA Rule 3260 limits discretionary trading by brokers to pre-approved discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm. Discretionary trading that takes place in an account that has not been approved is unauthorized.

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Unauthorized trading violates this rule. 

Background Information 

Thomas Ley 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 3 National Commodity Futures Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in 12 states and is a registered investment adviser in New Jersey and Vermont. 

During his 41 years of experience, Thomas Ley has registered with seven firms: 

  • Wells Fargo Clearing Services (CRD #: 19616) 
  • Morgan Stanley Smith Barney (CRD #: 149777) 
  • CitiGroup Global Markets (CRD #: 7059) 
  • Morgan Stanley (CRD #: 7556) 
  • CIBC World Markets Corp. (CRD #: 630) 
  • Oppenheimer & Co. (CRD #: 630) 
  • Prudential-Bache Securities (CRD #: 7471) 
  • Smith Barney, Harris Upham & Co. (CRD #: 7059) 
  • Underhill Associates Incorporated (CRD #: 6999)

Kurta Law Can Help 

If you have worked with Thomas Ley 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.

Recent Results

$16.75M

Million

Recovery for ARC NYC REIT Investors
Learn More
Kurta Law recovered millions of dollars for investors who purchased the speculative and unsuitable ARC NYC REIT. The arbitration settled for substantially more than the investor losses.

Recent Results

$9.3M

Million

Investors Receive Award for More than their Losses
Learn More
Jonathan Kurta was able to recover over $9.3 million for a group of defrauded investors. The claims were based upon the brokerage firm’s failure to supervise a stockbroker who stole client funds and then prepared and disseminated fake account statements for decades.

Recent Results

$7.1M

Million

Elderly Victims Recover After a Decade of Fraud
Learn More
Jonathan Kurta represented a group of elderly women who were the victims of a financial crime perpetrated by a rogue broker. The broker utilized forged documents to steal funds from the clients’ accounts over a decade.

Recent Results

$4.2M

Million

Investor vs. Royal Alliance
Learn More
Jonathan Kurta represented an investor who alleged that Royal Alliance Associates had not fulfilled their supervisory duties. This allegedly allowed brokers to engage in conversion and RICO violations. Read a copy of the award here.

Recent Results

$1M

Million

Utah Firm Executed Unnecessary Transaction
Learn More
A FINRA panel sided with Kurta Law and found that a Utah brokerage firm executed unnecessary transactions in order to generate more commissions. Read a copy of the award here.

Recent Results

$2M

Million

Arizona Investors Options Trading Scam
Learn More
Kurta Law negotiated a $2 million settlement on behalf of Arizona investors who were defrauded in an options trading scam.

Categories