FINRA Bars Patrick Thayer after Allegations of Misappropriating Clients Funds
Update August 10, 2023:
Financial advisor Patrick Thayer of Lebanon, Ohio, reportedly pled guilty this week to fraud charges in connection to the theft of over $1.31 million from a woman’s investment proceeds, according to the Warren County, Ohio Prosecutor’s Office. According to reports, Patrick Noel Thayer, 47, reportedly pled guilty to charges of securities fraud, aggravated theft and identity fraud.
This follows the SEC’s parallel charges in June, 2023. According to a litigation release on June 14, 2023, n November 2013, Thayer, who operated a tax preparation service, furtively opened an account in a client’s name over which he had control. Without the client’s permission, Thayer purportedly transferred his client’s funds to the account, which he then used to pay personal expenses, including his mortgage. In addition to operating a tax preparation service, Thayer reportedly worked as a securities representative for numerous brokerage firms and was licensed as an investment adviser.
The SEC’s complaint alleges that Thayer’s fraud scheme went on for nearly a decade, in total misappropriating over $1.3 million by periodically selling the client’s securities to fund transfers to the secret account. The victim became aware of the alleged misdeeds in 2022 when the IRS contacted her about the bank account that had been allegedly opened in her name by Thayer.
According to public documents, the Financial Industry Regulatory Authority (FINRA) has barred financial advisor Patrick Thayer (CRD#: 5735955) from the securities industry on February 21, 2023. FINRA is the self-regulator that oversees brokers and brokerage firms.
FINRA was reportedly investigating allegations by two of Thayer’s customers that he misappropriated client funds. According to his broker record, a customer complaint was filed on March 2023 reportedly accusing Thayer of misappropriating $1.3 million between 2014 and 2020, while he was affiliated with Parkland Securities in Lebanon Ohio. In September 2022, another customer filed a complaint alleging “advisor misappropriated funds from her account. 01/02/2019-9/28/2022.” Both disputes are currently pending, according to Thayer’s broker CRD.
According to the self-regulator, Thayer failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.
Patrick Thayer – FINRA BrokerCheck Profile
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
According to his FINRA BrokerCheck report, Patrick Thayer was reportedly affiliated with the following firms during his career:
09/04/2020 – 10/27/2022, LPL FINANCIAL LLC (CRD#:6413), LEBANON, OH,
B, 04/01/2014 – 09/09/2020, PARKLAND SECURITIES, LLC (CRD#:115368), Lebanon, OH
B, 03/02/2012 – 04/04/2014, SAGEPOINT FINANCIAL, INC. (CRD#:133763), LEBANON, OH
Hiring a FINRA Attorney
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. FINRA arbitration is generally a faster and less expensive alternative to traditional litigation.
If your broker has defrauded you, you may be able to file a claim with FINRA to seek resolution through arbitration. FINRA arbitration can be a complex and technical process, and having an experienced attorney who is knowledgeable about securities law can greatly increase your chances of success.
The FINRA attorneys at the White Law Group can help you with many aspects of the arbitration process including evaluating the merits of your claim and determining whether you have a strong case for arbitration.
The White Law Group can assist you in drafting a statement of claim that accurately reflects the allegations of fraud and the damages you are seeking. They will also represent you at the arbitration hearing, present evidence and make arguments on your behalf. They may be able to negotiate a settlement for you before going to arbitration.
If you have suffered losses investing with Patrick Thayer, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses. For more information, please visit our website, www.whitesecuritieslaw.com.
