National investment fraud lawyers KlaymanToskes is investigating Joyce An Thomas (CRD# 2713664) of Independent Financial Group, also doing business as JTW Financial Services, following a recent investor complaint alleging approximately $526,800 in damages due to unsuitable real estate investments. The San Gabriel, California-based stockbroker and investment advisor has four additional customer complaints, of which three have been settled in favor of the investors in the collective amount of $400,000.
If you suffered investment losses with Joyce An Thomas at JTW Financial Services and/or Independent Financial Group in Diamond Bar, CA, you are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA Brokercheck, Joyce An Thomas a/k/a Cho Ching An has six public disclosures including five customer complaints. 3 out of 5 have been settled in favor of the investors in the collective amount of $400,000. The most recent complaint is pending and alleges that the investments recommended to the customer were largely concentrated in illiquid, speculative, low-quality, and high commission non-traded real estate investment trusts and Business Development Companies. The complaint was filed on January 19th, 2023 and alleges investor damages of approximately $526,800.
A previous customer complaint, filed in July 2021, alleged that Thomas invested the customer’s funds in risky alternative investments and misrepresented that the investments would generate guaranteed income and would generate significant profits in 5-6 years when the investments went public. The complaint was settled in favor of the investor for $225,000.
Another complaint filed in July 2021 alleged that Thomas sold the investors unsuitable and risky alternative investments and misrepresented the investments as being safe, guaranteed to pay regular income, and that the recommended investments would generate a substantial profit in a few years when the investments went public. This complaint was settled in favor of the investor for $50,000. The final investor complaint alleged that Non-traded REIT investment recommendations were not suitable and was settled for $125,000 in favor of the investor.
Thomas’ remaining disclosure states that she was permitted to resign from Voya Financial Advisors, Inc. while on heightened supervision for violations of firm policy regarding the use of an unregistered email. Thomas has been registered with Independent Financial Group since 2015 in Diamond Bar, CA and San Gabriel, CA.
The SEC requires brokerage firms and their advisors to follow Regulation Best Interest (Reg BI). This rule has established a higher standard of conduct by requiring the following:
As seen below, Independent Financial Group’s website advertises to their customers that the firm “acts in its clients’ best interest”. However, KlaymanToskes believes that any firm that allows its customers to be concentrated in one asset class (as seen in Joyce Thomas’ disclosures) is in violation of the rule, leaving the firm liable in a FINRA arbitration claim.
Unfortunately, many investors are not aware of the risks and liquidity problems associated with Non-traded REITs. REITs are considerably more complex than traditional stocks and mutual funds, and involve a high degree of risk due to being illiquid.
It is the responsibility of the brokerage firm and brokers/financial advisors to make suitable recommendations in the best interest of their customers. They must consider a customer’s risk-tolerance when making alternative investment recommendations. They also need to consider the investment’s risk and not misrepresent material facts and/or over-concentrate the customer’s portfolio in too many alternative investments.
Investors who have suffered significant losses with Joyce An Thomas at JTW Financial Services and/or Independent Financial Group should immediately contact attorney Lawrence L. Klayman at (866) 460-4957 or lklayman@klaymantoskes.com to discuss recovery options. Consultations are free and every case is taken on a contingency basis, meaning 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