FINRA Suspends Advisor Thomas Vigil after Allegations of Unsuitable VA Purchases
According to a letter of acceptance, FINRA, the securities regulator, has suspended financial advisor Thomas Vigil of Saunderstown, RI for allegations of unsuitable variable annuity exchanges.
From June 2019 to February 2020, Vigil reportedly recommended 10 unsuitable L-share variable annuity exchanges to nine customers, and two unsuitable variable annuity purchases to two customers, without a reasonable basis to believe that the recommendations were suitable, according to FINRA.
Vigil allegedly made negligent misrepresentations and omissions of material fact about the variable annuities’ costs on transaction documents. Vigil also purportedly forged a customer’s variable annuity application by photocopying the customer’s signatures from a different document, according to FINRA
FINRA reportedly suspended Vigil for 12 months, fined him $10,000, and ordered him to pay restitution in the amount of $25,436, plus interest.
According to his broker profile, Vigil was also reportedly suspended in 2016 and fined $7,500 for allegedly impersonating a customer on a telephone call to an insurance company in order to obtain an annuity surrender form and for purportedly forging another customer’s signature on a change of broker dealer form.
Unsuitable Variable Annuities
Vigil allegedly violated FINRA rules by recommending investment-only variable annuities to two customers in 2019 and 2020 without having a reasonable basis for suitability. Unlike traditional annuities, these products lacked guaranteed death or living benefits and primarily offered tax deferral—something the customers’ existing IRAs already provided.
The customers reportedly had “growth” objectives and low liquidity needs, but Vigil allegedly recommended higher-cost annuities with unnecessary liquidity riders and misrepresented features like death benefit guarantees. He also reportedly failed to consider fees, investment options, and potential tax penalties, making his recommendations unsuitable and non-compliant with FINRA Rules 2111, 2330, and 2010.
FINRA BrokerCheck: Thomas Vigil
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.
According to his FINRA BrokerCheck report, Thomas Vigil (CRD#: 3269058) was reportedly registered with nine firms during his twenty-three years in the securities industry.
His report indicates that he has four customer complaints filed against him, two employment separations; one from Infinity Financial Services in 2024, and one from Investors Capital Corp in 2014; and two suspensions.
The customer complaint allegations include misrepresentation, among others. He was reportedly affiliated with the following firms during his career, among others:
10/21/2014 – 11/12/2024 INFINITY FINANCIAL SERVICES (CRD#:144302) Saunderstown, RI
09/04/2014 – 10/10/2014 INVESTORS CAPITAL CORP. (CRD#:30613) SAUNDERSTOWN, RI
12/20/2013 – 07/30/2014 SIGNATOR INVESTORS, INC. (CRD#:468) WARWICK, RI
Failure to Supervise
All broker-dealers have a responsibility to adequately supervise their advisors. They must ensure they have procedures and systems in place to detect broker misconduct. 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.
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.
Class Action Lawsuit vs. Individual FINRA Arbitration Lawsuit
You may wonder whether a large class action lawsuit is a better litigation option than an individual FINRA arbitration case. The answer depends on many factors, but typically if the loss sustained is large (say larger than $100,000), an individual arbitration claim is likely a better option. Class action lawsuits as a recovery option are more appropriate for grouping large numbers of individuals who have small claims – too small to generally pursue individually.
Thomas Vigil: FINRA Lawsuits
If you have suffered investment losses with Thomas Vigil and Infinity Financial Services, the securities attorneys at the White Law Group may be able to help you by filing a FINRA lawsuit. Please call our offices at (888) 637-5510 for a free consultation. We take cases in all 50 states including Rhode Island.
National Securities Attorneys
The White Law Group is a national law firm in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, Illinois and Seattle, Washington, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.
Last modified: May 1, 2025
