Financial scandals are no laughing matter. They can leave investors in the lurch and make a mockery of the trust placed in financial advisors. The case of Patrick N. Thayer, a registered representative of various broker dealers and an associated person of an investment adviser, is a sobering reminder of this fact. The U.S. District Court for the Southern District of Ohio Western Division has issued a Complaint for Injunctive and Other Relief against Thayer, accusing him of serious financial misconduct.
The Allegations Against Patrick N. Thayer
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In a nutshell, Thayer, both individually and through his tax preparation and investment advisory services business, Broadway Financial Solutions, is accused of misappropriating approximately $1.3 million in assets from a single client for his personal benefit. This alleged activity took place from November 2013 through August 2022.
The complaint alleges that Thayer established a bank account under the client’s name without their knowledge or permission. He reportedly forged the client’s signature on the account opening documents and used his Broadway Financial office address instead of the client’s home address. Thayer is also accused of setting up the account so that he could access and transfer funds from it.
According to the Commission, Thayer sold assets in the client’s brokerage account almost monthly from November 2013 through August 2022, transferred the proceeds to the fraudulent bank account, and withdrew the funds for his personal use. The client was allegedly unaware of and did not consent to any of these transfers. Thayer’s actions, if proven, would constitute violations of various sections of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940.
The Role of Haselkorn & Thibaut
The law firm of Haselkorn & Thibaut is currently investigating the allegations against Thayer and Broadway Financial Solutions. Specializing in investment fraud, Haselkorn & Thibaut offers a beacon of hope for investors who have been wronged.
- With offices in Florida, New York, North Carolina, Arizona, and Texas, they have a national presence.
- They boast over 50 years of experience in the field, demonstrating a deep understanding of the complexities of investment fraud.
- They have a 98% success rate, showing their commitment to helping investors recover their losses.
- They offer a free consultation at 1-800-856-3352, providing an opportunity for potential clients to discuss their case without financial obligation.
- They operate on a “No Recovery, No Fee” policy, ensuring clients only pay if they succeed in recovering their losses.
FINRA Arbitration: A Path to Recovery
Investors who have suffered losses due to the alleged misconduct of Patrick N. Thayer and Broadway Financial Solutions may be able to recover their losses through FINRA Arbitration. This process provides a forum for investors to resolve disputes with their brokers or brokerage firms. The law firm of Haselkorn & Thibaut can guide investors through this process, leveraging their extensive experience and proven track record to seek the best possible outcome.
To sum it up, the allegations against Patrick N. Thayer and Broadway Financial Solutions are serious and warrant thorough investigation. Investors who believe they may have been affected are encouraged to contact Haselkorn & Thibaut for a free consultation. With their expertise and commitment to justice, they can help investors navigate the path to recovery.
