National investment loss lawyers KlaymanToskes reports broker/investment advisor Thomas Alvin Vernor III (CRD# 1277533) has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”). The decision comes after Vernor voluntarily resigned from LPL Financial and allegedly failed to amend his FINRA Form U4 to disclose a felony charge.
According to FINRA BrokerCheck, Thomas Vernor was previously registered as a broker and investment advisor with LPL Financial from 2005 to 2023 in Huntsville, AL.
Investors that suffered losses with Thomas Vernor may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
On June 15th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Thomas Vernor, disclosing that Vernor consented to sanctions of a five-month suspension from associating with any FINRA member in all capacities and a $5,000 fine.
According to the AWC, the matter originated from FINRA’s review of a Form U5 filed by LPL Financial. FINRA’s Form U5 is the “Uniform Termination Notice for Securities Industry Registration,” used by brokerage firms each time one of their registered employees leaves the firm, for any reason.
In a Form U5 dated March 6, 2023, LPL Financial reported Vernor’s voluntary resignation from the firm. Vernor allegedly failed to amend his Form U4 or “Uniform Application for Securities Industry Registration or Transfer” to disclose a felony charge. FINRA’s Form U4 is generally used to establish an individual’s registration with a brokerage firm and contains information regarding an individual’s background, employment history, disciplinary history, and regulatory disclosures.
FINRA found that “Vernor learned that he was charged with a felony on April 1, 2022. Vernor willfully failed to amend his Form U4 within 30 days to disclose the charge, as he was required to do. Indeed, although Vernor knew he was required to disclose the felony charge, he chose, voluntarily, to never disclose it on his Form U4.”
Article V, Section 2(c) of FINRA’s By-Laws requires registered representatives to keep their Form U4 “current at all times,” and to file any necessary amendments “not later than 30 days after learning of the facts or circumstances giving rise to the amendment.” Vernor also allegedly violated Rule 1122 (Filing of Misleading Information) and Rule 2020 (Use of Manipulative, Deceptive or Other Fraudulent Devices).
Vernor reportedly has two additional disclosures according to FINRA BrokerCheck, including a pending criminal charge and a customer complaint. Vernor’s customer alleged misrepresentation in the sale of a variable annuity.
Investors that suffered losses with Thomas Alvin Vernor III and/or any other broker at LPL Financial may have recovery options. Contact attorney Lawrence L. Klayman, Esq., to discuss your legal options at 888-997-9956 or by email at lklayman@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com