Thurston Springer Financial Supervisory Failures
Thurston Springer Financial, a full-service broker-dealer based in Indianapolis, has reportedly agreed to a $150,000 fine and a censure as part of a settlement with FINRA for a series of compliance and supervisory failures on March 31st, 2025. FINRA (The Financial Industry Regulatory Authority) is the self regulator that oversees brokers and brokerage firms.
Alleged violations include:
Reg BI Compliance Failure: From June 2020 to August 2021, Thurston Springer Financial reportedly failed to establish and enforce written policies reasonably designed to comply with Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934.
Form CRS Oversight: Since June 2020, the firm allegedly failed to implement a supervisory system adequate to ensure compliance with its obligations to file and deliver customer relationship summaries (Form CRS), violating FINRA Rules 3110 and 2010.
Missed Inspections: From January 2020 through December 2021, Thurston Springer allegedly failed to inspect its only office of supervisory jurisdiction and 11 branch locations that were due for review.
Supervisory Control Failures: Between January 2019 and January 2023, the firm allegedly failed to conduct proper supervisory control testing or issue required annual reports to senior management. In addition, the CEO reportedly failed to provide the necessary annual certifications under Rule 3130.
Undisclosed Civil Litigation: In December 2020, a customer reportedly filed a complaint in the Circuit Court of Hamilton County, Indiana, naming Thurston Springer and two of its registered representatives as defendants, alleging securities-related misconduct. The firm allegedly failed to disclose this civil litigation on the representatives’ Forms U4 and also reportedly failed to report it to FINRA as required under Rule 4530(f).
These actions reportedly violated FINRA Rules 3110, 3120, 3130, 2010, and 4530, as well as SEC Regulation Best Interest.
Lawsuit Options: Individual FINRA Arbitration vs. Class Action
If you suffered losses with your financial advisor you may have two main legal paths:
- FINRA Arbitration: Best suited for investors with significant losses, typically over $100,000.
- Class Action Lawsuit: More appropriate for multiple investors with smaller claims that may not justify individual litigation.
How to File a Complaint for Investment Losses
If you experienced financial losses with Thurston Springer Financial, you may be able to recover compensation through FINRA arbitration.
For a free consultation with a securities attorney, contact The White Law Group at 888-637-5510 today.
About The White Law Group
The White Law Group is a national securities fraud and investor protection law firm with offices in Chicago, Illinois, and Seattle, Washington. The firm represents investors nationwide in claims against brokerage firms through FINRA arbitration. Visit our homepage for more information on investor recovery options.
Last modified: April 7, 2025
