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.
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:
- Failure to supervise
- Breach of fiduciary duty
- Unsuitable recommendations
- Failure to protect claimant’s assets
- Negligent supervision
What Our Clients Say
Below are some of the emails and letters that our clients have sent us.
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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.
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