Options for Clients of Former Avantax Investment Services, Inc. Broker Robert Thomas

Avantax Investment Services, Inc.

Former Avantax Investment Services, Inc. broker Robert Thomas (CRD# 2283452) is accused of variable annuity investment losses. He has been registered with IBN Financial Services, Inc. in Liverpool, New York, since 2022. Previously, he was registered with Avantax Investment Services, Inc. in Bangor, Maine, from 2020 to 2022, when he was terminated regarding “Failure to follow firm policies relating to Regulation Best Interest, holding customer funds, use of discretion, and direct trades.” Previously, he was registered with Securities America, Inc. in Bangor, Maine, from 2019 to 2020 and with Avantax Investment Services, Inc. in Bangor, Maine, from 1993 to 2019.

Robert Thomas Customer Complaints

He has been the subject of two customer complaints between 2010 and 2021, according to his CRD report. The most recent complaint was regarding: 

September 2021. “Customers alleged the representative incorrectly informed them that they could activate the income rider associated with the variable annuities they purchased in 2007 early because they were disabled. They also alleged the income riders were not activated on the date reflected in their contract.” The customer sought $104,516.09 in damages, and the case was settled for $130,635.84. 

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, Avantax Investment Services, Inc. may be liable for investment or other losses suffered by Robert Thomas’ 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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