Tony Tolene Allegedly Mismanaged Clients’ Funds

Tony Tolene (CRD #: 5730068), a broker formerly registered with Infinity Financial Services, allegedly mismanaged his clients’ funds, according to his BrokerCheck record, accessed on June 30, 2025. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

On May 2, 2025, an investor alleged that Tony Tolene mismanaged their funds and their mother’s funds. The client seeks $100,000 in damages in this pending dispute.

On November 10, 2023, a consumer, who is allegedly Tony Tolene’s sister, alleged that he engaged in the theft of funds belonging to their mother, father, and brother through unauthorized withdrawals.

The complaint further alleged that Tony Tolene persuaded a client to purchase a home for him. This dispute is currently pending.

FINRA Rule 2150

FINRA Rule 2150 prohibits the improper use of investors’ funds.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Suspension

On November 27, 2018, Tony Tolene consented to the entry of findings that he allegedly mismarked six trades as unsolicited when they were actually solicited.

According to a Letter of Acceptance, Waiver & Consent (AWC), Tony Tolene allegedly marked six solicited trades in five client accounts as unsolicited between April and November 2015. This allegedly caused his firm to maintain inaccurate books and records.

Further, Tony Tolene allegedly claimed on a 2016 firm annual compliance certification form that he had not solicited any firm clients to purchase low-priced or unlisted securities, when he had allegedly done so at least six times.

The AWC concluded that these allegations constituted violations of FINRA Rule 2010 and 4511.

FINRA Rule 4511

FINRA Rule 4511 requires firms to maintain accurate books and records.

Sanctions

Tony Tolene consented to the following sanctions:

• 45-calendar-day suspension from associating with FINRA members
• $4,000 fine

His suspension ran from December 17, 2018, and January 30, 2019. You can read a copy of the AWC here.

Termination from LPL Financial

On September 27, 2016, Tony Tolene was fired from LPL Financial following allegations that he violated firm policy concerning solicitation of unlisted or low-priced securities and failed to respond promptly to inquiries from the firm’s compliance department.

Background Information

Tony Tolene has passed the following exams:

• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Uniform Combined State Law Examination – Series 66
• Uniform Securities Agent State Law Examination – Series 63

He previously worked for the following firms:

• Infinity Financial Services (CRD#:144302)
• LPL Financial (CRD#:6413)
• PNC Investments (CRD#:129052)
• Chase Investment Services (CRD#:25574)
• David Lerner Associates (CRD#:5397) 

Kurta Law Can Help

If you worked with Tony Tolene and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.