National investment fraud lawyers KlaymanToskes reports barred stockbroker Patrick Noel Thayer (CRD# 5735955) has been hit with fraud charges by the SEC for misappropriating more than $1.3 million from an investment advisory customer.
Thayer was registered with LPL Financial and doing business as Broadway Financial Solutions in Lebanon, OH. He was also previously registered with Parkland Securities in Lebanon, OH.
Patrick Thayer was barred from acting as a broker by FINRA in November 2022. In addition to the SEC’s fraud charges, Thayer was criminally charged with securities fraud, aggravated theft, telecommunications fraud, and identity fraud, according to the Warren County prosecutor’s office.
Investors that suffered losses with Patrick Noel Thayer at Broadway Financial Solutions in Lebanon, Ohio, are encouraged to contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. We do not collect attorneys’ fees unless we obtain a financial recovery for you.
According to an SEC complaint filed on June 14th, 2023, from approximately November 2013 through August 2022, Patrick N. Thayer allegedly misappropriated approximately $1.3 million in assets from a customer through his tax preparation and investment advisory services business, Broadway Financial Solutions.
Thayer allegedly “perpetrated the fraud by establishing a bank account under the Client’s name in November 2013 without the Client’s knowledge or permission”. In addition, Thayer “forged the Client’s signature on the account opening documents and used his Broadway Financial office address instead of the Client’s home address” according to the SEC.
The SEC found that Thayer’s theft of his customer’s assets continued until around August 2022, when the customer communicated their concerns to the brokerage firm. In total, Thayer allegedly misappropriated approximately $1,310,605 from the customer by periodically selling the client’s securities and making fund transfers to himself. Thayer allegedly used the customer’s funds for his personal benefit, including to pay credit cards and make mortgage payments.
FINRA-regulated brokers, financial advisors, and brokerage firms have a responsibility to make suitable investment recommendations with their customers’ best interest in mind, based upon the client’s personal needs and preferences. Investors can still pursue investment recovery claims against brokers/financial advisors that have been suspended or barred from the securities industry.
It is important to note that FINRA arbitration is separate from regulatory obligations. In KlaymanToskes’ experience, FINRA’s regulatory focus tends to be on punishing registered representatives that break its rules, rather than on obtaining financial compensation for victims. Our firm believes that a FINRA securities arbitration claim may be the best solution to recover investment losses.
Investors that suffered losses with Patrick Noel Thayer at Broadway Financial Solutions in Lebanon, Ohio, are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 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 a fee 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