National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Thomas Stratton World Choice Securities Investigation”) into World Choice Securities broker Thomas Ward Stratton in light of his recent bar from the securities industry. On August 12, 2021, FINRA disclosed in a Letter of Acceptance, Waiver and Consent that it has barred World Choice Securities broker Thomas Stratton relating to his refusal to provide information and documents requested pursuant to FINRA Rule 8210 and 2010. The matter originated from a tip to FINRA’s Securities Helpline for Seniors.
What is a FINRA AWC?
According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or associated person has committed a violation, and that member or associated person does not dispute the violation, the Department of Enforcement may prepare and request that the member or associated person execute a Letter of Acceptance, Waiver and Consent (“AWC”).
The AWC contains several important details. For instance, the letter will describe:
- The act or practice engaged in or omitted;
- Relevant FINRA rules, regulations, or statutory provision violated; and
- The sanction or sanctions to be imposed
World Choice Securities Broker Thomas Stratton and the August 2021 FINRA AWC
FINRA’s bar of Thomas Stratton relates to its investigation of his potential misuse of customer funds in connection with the sale of promissory notes related to a third party’s life insurance policy and misrepresentations.
On May 28, 2021, FINRA requested that Thomas Stratton provide information and documents in connection with FINRA’s investigation into his potential misuse of customer funds. After failing to respond to the request, on June 28, 2021, FINRA issued a second request to Thomas Stratton in which the self-regulatory organization requested the same information and documents. Stratton provided a partial but incomplete response to the requests, according to FINRA.
On July 13, 2021, FINRA sent Thomas Stratton a third request. The third request detailed the incomplete responses to its previous requests and again requested the outstanding documents and information. On August 3, 2021, Stratton acknowledged through his counsel to FINRA that he received FINRA’s requests and will not produce the outstanding requested information.
FINRA Bars Thomas Stratton
The FINRA AWC states that Thomas Stratton of World Choice Securities consented to a bar from associating with any FINRA member in all capacities.
Thomas Stratton World Choice Securities Investigation – BrokerCheck of Thomas Stratton
According to FINRA BrokerCheck, Thomas Stratton is registered with World Choice Securities, Inc. He Is registered with World Choice Securities through its Melbourne, Florida branch office. Thomas Stratton has been registered with World Choice Securities since 2006. His other previous registrations include Financial Independence Systems, Inc. (August 2002 to January 2004 in Dania Beach, Florida).
Thomas Stratton’s BrokerCheck displays one customer dispute. The dispute was filed in July 2016 and the allegations related to, in part, unsuitable management of accounts. The claim settled for $50,000.
Thomas Stratton’s BrokerCheck also displays a FINRA investigation dated August 3, 2021. The investigation description states that FINRA made a preliminary determination to recommend that disciplinary action be brought against Thomas Stratton alleging violation of FINRA Rules 8210 and 2010 in that he provided an incomplete and untimely response to FINRA’s Request for Information and Documents.
FINRA’s Securities Helpline for Seniors and Thomas Stratton Tip
FINRA provides senior investors who are concerned that their account may have been mishandled by a broker with a toll-free number to call the self-regulatory organization. As repeated in its 2021 Report on FINRA’s Examination and Risk Monitoring Program, FINRA is highly focused on, and committed to, protecting senior and vulnerable investors. FINRA established the Securities Helpline for Seniors in 2015. FINRA’s bar of Thomas Stratton of World Choice Securities originated from a tip from FINRA’s Securities Helpline for Seniors.
Invest with Thomas Stratton at World Choice Securities?
Current and former customers of Thomas Stratton with investment losses that exceed $100,000, and those who may have information relating to the manner in which the broker handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
KT 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. KT has recovered more than $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq. (561) 542-5131