Erez Law is currently investigating former Summit Brokerage Services, Inc. financial advisor Thomas Joseph Vilord (CRD# 4261608) regarding outside business activities. Vilord was registered with Summit Brokerage Services, Inc. in Turnersville, New Jersey from 2013 to 2016. FINRA has barred Vilord from acting as a broker or otherwise associating with firms that sell securities to the public.
In December 2016, FINRA barred Vilord regarding allegations that he participated in private securities transactions or “selling away” involving more than $347,500. It is alleged that Vilord assisted his customers in investing in unregistered corporate debenture notes, and Vilord lacked a reasonable basis to recommend these notes because he did not conduct adequate due diligence. Specifically, Vilord did not know all sources of revenue for the company that he recommended, as well as the actual revenue and debt. Vilord did not give Summit Brokerage Services, Inc. notice of these outside business activities. Vilord also failed to disclose customer complaints related to the sales in a timely manner.
In June 2013, Sagepoint Financial permitted Vilord to resign from employment after allegations that he failed to notify the firm regarding a written complaint that was filed against him.
Vilord has been the subject of five customer complaints between 2009 and 2014, of which one was denied, one was withdrawn and one was closed without action, according to his CRD report:
- October 2014. “Breach of contract, fraud.” The customer is sought $75,000 in damages and the case was settled for $65,068.97.
- May 2013. “Violation of 10(b) and 20(a) of Securities Exchange Act of 1934.” The customer sought $75,000 in damages and the case was settled for $24,999.
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, Summit Brokerage Services, Inc. may be liable for investment or other losses suffered by Vilord’s customers.
Erez Law represents investors in the United States for claims against former Summit Brokerage Services, Inc. financial advisor Thomas Joseph Vilord, who is alleged to recommend unregistered corporate debenture notes without conducting adequate due diligence. If you were a client of former Summit Brokerage Services, Inc. financial advisor Thomas Joseph Vilord or another firm, and 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.