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On March 10, 2016 regulators barred Chris Tolmacs from the securities industry. Tolmacs was a Portage-based financial advisor and registered representative at Triad Advisors from April 2008 to March 2016. He disappeared after giving sworn testimony to the Financial Industry Regulatory Authority (“FINRA”) regarding the issuance of promissory notes to several of his customers and the corresponding lending arrangements which were in place between the parties. FINRA engaged in a fact finding mission to see if the aforementioned arrangements violated any of the regulator’s rules. Ultimately, the question arose as to whether Tolmacs converted customer funds for his own personal use.
A media report issued in 2011 suggested that Tolmacs had 20 advisors managing approximately 5,000 client accounts in 10 different states. With so many clients, it’s difficult to ascertain exactly how many were potentially defrauded by Tolmacs. In April 2016, Tolmacs was named respondent in a FINRA complaint alleging he “engaged in dishonest and unethical business practices in the securities industry within the previous 10 years, all of which support the revocation of his investment adviser representative and securities agent registrations under the above-cited provisions of the Michigan Uniform Securities Act.” The investigation is currently pending but Tolmacs’ whereabouts are unknown. If you or someone you know has lost money as a result of misconduct by Tolmacs or Triad Advisors, please contact Lawrence Klayman, Esq. of Klayman & Toskes, P.A., at 888-997-9956 for a complimentary consultation.