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Thomas Swan is the Subject of an SEC Investigation

Apr 8, 2022 SEC Investigation

Thomas Swan (CRD #:1698430), a broker and investment advisor registered with Western International Securities, is the subject of an SEC investigation, according to his BrokerCheck record, accessed on April 5, 2022.

SEC Allegations 

On February 10, 2022, Thomas Swan was the subject of a United States Securities And Exchange Commission investigation alleging violations of certain provisions of federal securities laws, including Rule 15l-1(a)(1), Rule 15l-1(a)(2), and Section 20(a) of the Securities Exchange Act of 1934 ("Exchange Act").

  • Rule 15l-1(a)(1) is part of “Regulation Best Interest” which requires brokerage firms to act in their customers’ best interests. 
  • Rule 15l-1(a)(2) states that brokers must provide fair disclosures of all material facts related to the scope and terms of the relationship with the customer. This includes facts about the fees associated with securities transactions, as well as any conflicts of interest. 

Misrepresentation Allegations

On August 31, 2020, Thomas Swan was involved in an investor dispute alleging misrepresentation. The case was settled for $110,000. 

Misrepresentation deprives investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations. Losses that can be attributed to a stockbroker's material misrepresentations of facts may result in a viable securities arbitration claim for damages.

Background Information

Thomas Swan has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination
  • Series 26 - Investment Company Products/Variable Contracts Principal Examination

Thomas Swan is a registered broker in California, Washington, and Wisconsin. He is also a registered investment advisor in California and Arizona.

Besides Western International Securities, Thomas Swan has also worked with the following firms:

  • Financial West Group (CRD#:16668)
  • WM Financial Services (CRD#:599)
  • Great Western Financial Securities Corporation (CRD#:14229)
  • SunAmerica Securities (CRD#:20068)
  • IFG Network Securities (CRD#:19948)
  • Sentra Securities Corporation (CRD#:10249)
  • Planned Investments  (CRD#:5066)
  • First American National Securities  (CRD#:10111)

Kurta Law Can Help

If you have worked with Thomas Swan and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or 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 and 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.