Thomas Brenner First American Securities Investor Alert: Barred Orrville, OH-Based Broker Facing Securities Fraud Charges

November 9, 2021

Invest with Thomas Brenner First American Securities? Learn about the U.S.A.O.’s charges against the former Orrville, Ohio broker relating to United RL Capital Services.

The U.S. Attorney’s Office in the Northern District of Ohio recently announced the charging of former First American broker Thomas Brenner (Orrville, OH) with conspiracy to commit mail and wire fraud, conspiracy to commit securities fraud, mail fraud, wire fraud, securities fraud and engaging in a monetary transaction in property derived from criminal activity.

Thomas Brenner First American Securities & Fraud Allegations

According to the DOJ indictment, Thomas Brenner was a financial broker-dealer and president of First American Securities, Inc., which was located in Orrville, OH.  In March of 2015, it is alleged that Brenner and others conspired to recruit the Brenner’s clients to “invest” in United RL Capital Services, LLC, which is a company that purportedly financed medical laboratory developments. 

United RL Capital Services Solicitation by Brenner

It is alleged that Brenner solicited investors in multiple ways: by phone, through letters and in person.  According to the indictment, Thomas Brenner misrepresented material information to the investors, including that investors’ money would finance medical laboratory developments, investors would receive their money back with interest after three years and that URL was as safe or safer than other existing investments.

Moreover, there are allegations that Brenner encouraged some  investors to remove money from their IRAs to invest in United Capital Services and that Thomas Brenner misrepresented that doing so would not result in tax penalties.   

Thomas Brenner Misappropriated Investor Funds

The indictment describes how Thomas Brenner allegedly used investor funds for his benefit. He allegedly had large racecar-related purchases.

The indictment also alleges that when investors inquired about their investments, Thomas Brenner misrepresented that their investments were secure and provided some investors with sporadic, minimal payments, disguised as installments of earned interest, in order to lull investors into believing that their money was safe and being used as promised. 

First American Securities and FINRA Investigation

According to the indictment, the defendant allegedly knew that he was being investigated in 2015 and 2016 for selling United RL Capital Services securities by FINRA. Yet, Thomas Brenner allegedly did not tell prospective investors about the investigation, that First American Securities, Inc. could face closure and that Thomas Brenner could be suspended from associating with any FINRA-registered firm, which he eventually was in July 2017. 

SEC Charges Brenner and Others in Ponzi Scheme

In 2018, the Securities and Exchange Commission brought charges against Brenner and other individuals and entities for allegedly perpetrating a $102 million Ponzi scheme that defrauded more than 600 investors.

FINRA BrokerCheck for Thomas Brenner

According to FINRA BrokerCheck, Thomas Brenner was registered with First American Securities Inc. (Orrville, OH) from November 2011 to June 2016. His other registrations include:

  • Capstone Financial Group, Inc. (August 2010 to November 2011; Forest Lake, MN)
  • First Allied Securities, Inc. (July 2007 to August 2010; Orrville, OH)
  • Raymond James Financial Services, Inc. (June 1991 to July 2007; Orrville, OH)
  • Edward D. Jones & Co. LP (April 1986 to June 1991; St. Louis, MO)
About KlaymanToskes

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Lawrence L. Klayman, Esq.
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