Broker Dexter Leroy Thomas Client Complaints – Compensation Help

Dexter Leroy Thomas’s Broker Career Ended With Customer Disputes Alleging $500,000 in Damages

Financial Industry Regulatory Authority’s (FINRA) BrokerCheck reports that previously registered broker and investment adviser Dexter Leroy Thomas was discharged by his employer, United Planners Financial Services of America. The termination reportedly followed Thomas’ informing United Planners of his involvement with several firm-unapproved private loans and investments with people who later became clients of the firm.

Customer Disputes

Thomas had 35 years’ experience as a broker and investment adviser. At the time of this writing, 31 customer disputes had been filed against him. Eleven of these disputes have settled. They alleged damages up to $500,000 and settled in amounts up to $320,000. Nine customer disputes remain pending.

United Planners Financial Services of America

Thomas passed away a few days after being discharged from United Planners. It was then that customers began filing complaints that the broker had not returned all the funds private loaned to or invested with him. Some of the complaints also allege that Thomas did not disclose the private loans or investments to United Planners, and that the firm did not approve these loans and investments.

The largest settlement arising from these disputes stemmed from an August 2018 complaint in which alleged damages were not disclosed in BrokerCheck. The case settled in April 2019 in the amount of $320,000.

National Planning Corporation

Outside of complaints regarding Thomas’ work at United Planners, several additional customer disputes attached to the broker’s work when he was employed by National Planning Corporation. Examples of the allegations against him in this role include:

  1. Failure to supervise
  2. Breach of fiduciary duty
  3. Fraud
  4. Negligence
  5. Unsuitable recommendations
  6. Failure to protect claimant’s assets
  7. Negligent supervision
  8. Misrepresentation
 
 
Why Choose Our Law Firm

Our law firm has been in existence for more than 65 years, and is recognized as one of the preeminent law firms in the United States. Based on law firm verdicts and settlements exceeding $4 billion, our securities fraud lawyers are committed to seeking justice for the victims of investment fraud and misconduct.

Led by attorney Peter Mougey, the past President of the national securities bar PIABA, our Securities and Business Tort Department has represented more than 1,500 investment fraud victims across the country in state and federal court and securities industry arbitration.

We are the founder of Mass Torts Made Perfect. This is a national conference attended by 1,500 lawyers each year where we teach how to successfully handle lawsuits against the largest companies in the world. For more information, please visit our About Us section.

in Business 65 years * $4 Billion in Verdicts & Settlements * Best Law Firms: U.S. News & World Reports * Trial Lawyers Hall of Fame * SuperLawyers
 
Our Fees & Costs

Our lawyers provide free confidential case evaluations, and we never charge any fees or costs unless you first recover.

The contingency fee we charge ranges from 20% to 40%. The amount we charge is based on how much we recover for you. To review a summary of our fees and costs, click Fees & Costs.

 
Free Case Evaluation

To contact us for a free confidential consult, you can call us at (800) 277-1193. You also can request a free private and confidential evaluation by clicking Free & Confidential Consult. Your inquiry will be immediately reviewed by one of our attorneys who handles securities litigation.

 

What Our Clients Say

Client Testimonials

Below are some of the emails and letters that our clients have sent us.

At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.

My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.

FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.

Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.

I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.