Did you lose money investing with Independence Capital Co., Inc. broker Thomas Scheiman (CRD# 1508288)? He has been registered with Independence Capital Co., Inc. in Parma, Ohio, since 1990.
In August 1999, the National Association of Securities Dealers, Inc. sanctioned him to pay a $2,000 monetary fine related to allegations that, “respondent member, acting through Scheiman, used the mails or other means or instrumentalities of interstate commerce to effect transactions in securities when it failed to maintain the minimum required net capital. (SEC rule 15c3-1; NASD rule 2110).”
In November 2025, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine, $2,600 in disgorgement, and suspended him for two months.
Without admitting or denying the findings, Franko and Scheiman consented to the sanctions and to the entry of findings they willfully violated Rule 15/-1(a)(1) under the Securities Exchange Act of 1934 (Reg BI) by recommending that customers invest in speculative and unrated corporate bonds that were not in the customers’ best interests. The findings stated that Franko made recommendations totaling $195,000 to three elderly retail customers with investment objectives of income and did not include speculation, all of whom made the recommended investment. Frank earned $5,640 in commission in connection to his recommendation and did not exercise reasonable diligence, care, and skill to, among other things, have a reasonable basis to believe that the recommendations were in their best interest based on their investment profiles and the potential risks, rewards, and costs associated with the recommendations. The findings also stated that Scheiman recommended and sold a $100,000 bond to an elderly retail customer with an investment objective of income and did not include speculation. Scheiman earned $2,600 in commission in connection with this recommendation and did not exercise reasonable diligence, care, and skill to, among other things, have a reasonable basis to believe that the recommendation was in the best interest of the customer based on the customers investment profile and the potential risks, rewards, and costs associated with the recommendation. After the customer complained to Scheiman’s firm, the firm returned the customer’s principal amount.
Thomas Scheiman Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
January 2025. “Registered representative Jeffrey Rocheck invested customers in a non existing Real Estate 2017 to 04/2024.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint was regarding failure to supervise.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Independence Capital Co., Inc. may be liable for investment or other losses suffered by Thomas Scheiman’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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