Thomas Patrick Furlong (CRD #2091577) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Thomas Patrick Furlong (CRD #2091577) is a broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 9, 2026. It reflects one customer dispute. If you invested with Thomas Furlong and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

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

On December 16, 2025, a customer alleged Thomas Furlong made an unsuitable REIT recommendation in the summer of 2020. The customer sought $47,000 in damages. Thomas Patrick Furlong’s FINRA BrokerCheck Report lists the product type as a real estate security. The matter was closed with no action on January 9, 2026.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for each recommendation. It also requires the recommendation to fit the customer’s investment profile, including risk tolerance and liquidity needs. Disputes involving REITs often focus on whether those factors were considered and explained.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system designed to achieve compliance with securities laws and FINRA rules. When a customer challenges a recommendation, supervision and documentation can become key issues. 

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 Furlong:

Is currently registered with Kestra Investment Services, LLC.

Has passed the Securities Industry Essentials (SIE) exam. Thomas Furlong has passed Series 7 and Series 6. He has also passed Series 65 and Series 63.

Was previously registered with firms that include LPL Financial LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Kurta Law Can Help

If you have worked with Thomas Furlong and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | REITs and Non-Traded REITs

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.