Investor Lawsuit Investigation – Robert A. Thomas
The White Law Group is investigating potential securities claims involving former financial advisor Robert A. Thomas, in light of his recent bar by the Financial Industry Regulatory Authority (FINRA).
Broker Misconduct Allegations
Thomas was reportedly voluntarily dismissed by Avantax in October 2022 following internal allegations of “failure to follow firm policies relating to Regulation Best Interest, holding customer funds, use of discretion, and direct trades.”
Thomas has also reportedly been the subject of multiple customer disputes. A complaint filed on September 30, 2021, alleged that he misrepresented the features of a variable annuity, specifically regarding an income rider that he claimed could be activated early in the event of disability. The customers alleged they were misled, and the annuity rider was not activated as promised. The case was settled for $130,635.84. An earlier complaint, filed in 2010, was also settled.
Risks of Broker Misconduct and Firm Supervision Failures
Recovery Options for Investors
FINRA Arbitration vs. Class Action – What’s the Difference?
Most investors don’t realize that disputes with brokerage firms are generally not handled in court. Instead, investors are usually required to pursue claims through FINRA arbitration, a private dispute resolution process governed by the Financial Industry Regulatory Authority. FINRA arbitration is typically faster than a class action lawsuit, often resolving within 12 to 18 months, whereas class actions can take several years.
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Frequently Asked Questions (FAQs) – Robert A. Thomas
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What regulatory actions were taken against Robert A. Thomas ?
FINRA barred Thomas from associating with any member firm in 2025, following a prior suspension in 2024. -
Can I recover losses if I invested with Robert A. Thomas ?
Possibly. If you suffered losses as a result of unsuitable investments recommended by Thomas, you may be able to recover damages through a FINRA arbitration claim against the brokerage firm that employed him. Firms can be held liable for failure to supervise their registered representatives. -
What is the difference between FINRA arbitration and a class action lawsuit?
FINRA arbitration is a private dispute resolution process designed specifically for investor claims against brokerage firms or financial advisors. Unlike class actions, each FINRA case is decided on its own merits, which often results in faster resolutions and potentially larger individual recoveries. Class actions, on the other hand, group many investors together and typically involve a longer process with smaller payouts per person.