Thomas Corsaro Pleads Guilty to Defrauding Investors of $1.7 Million  

According to reports on December 8, 2023, former financial advisor Thomas Corsaro (CRD#: 5171122), of Bloomfield, NY, was sentenced for defrauding investors of almost $2 million. On August 10, 2023, Corsaro reportedly pleaded guilty to wire fraud before Chief U.S. District Judge Elizabeth A. Wolford.   

From November 2020 to November 2022, while registered as a broker, Corsaro reportedly received a total of $1,712,469.32 from eight investors. Instead of investing the funds, Corsaro allegedly spent the money on personal expenses and  deposited it into personal and business bank accounts. 

Corsaro repaid just over $265,000 before the criminal investigation began. He was reportedly sentenced to two years in prison Thursday and ordered to pay back $1,447,809.19. He repaid $265,642.83 prior to the criminal investigation. 

His broker record indicates that the Financial Industry Regulatory Authority (FINRA) barred Corsaro from working as a broker in February 2022. 

According to Corsaro’s FINRA BrokerCheck report, he was affiliated with the following firms during his career:  

07/09/2021 – 01/04/2022, BANKERS LIFE SECURITIES, INC. (CRD#:173962), Williamsville, NY,
B, 02/23/2018 – 06/02/2021, SAGEPOINT FINANCIAL, INC. (CRD#:133763), BLOOMFIELD, NY
B, 08/27/2015 – 02/26/2018, MML INVESTORS SERVICES, LLC (CRD#:10409), Bloomfield, NY 

Filing a Complaint against your Brokerage Firm   

FINRA has regulations in place to ensure advisors act in the best interest of their clients (known as the fiduciary duty), but it’s wise for investors to stay informed and ask for clarification about any recommendations made by their advisor. 

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.   

If you have suffered investment losses with Thomas Corsaro, 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 to recover their securities fraud losses.  For more information, please visit our website, www.whitesecuritieslaw.com.