Investment Losses Due to Former National Planning Corporation Broker Dexter Thomas?

Posted on Wednesday, October 17th, 2018 at 4:27 pm    

National Planning Corporation

Deceased Former National Planning Corporation broker Dexter Thomas (CRD# 1074222) has numerous customer complaints for personal loans. Thomas was registered with United Planners’ Financial Services Of America A Limited Partner in Dallas, Texas from November 2017 to August 2018, when he was terminated regarding, “Registered Representative affiliated with the Firm in late-2017. A short period of time later, the Registered Representative passed away. Immediately before his death, the Registered Representative disclosed that he was involved with a number of private loans or private investments with individuals-some of whom became customers of the Firm-which private loans or investments were neither disclosed to, nor approved by, the Firm. Registered Representative’s affiliation was terminated by the Firm. After the Registered Representative’s death, a number of individuals, including customers new to the Firm, have claimed that the Registered Representative did not return all of the funds privately loaned to or invested with the Registered Representative.” Previously, Thomas was registered with LPL Financial LLC in Dallas, Texas from November to December 2017 and with National Planning Corporation in Dallas, Texas from 2006 to 2017.

Thomas has been the subject of 23 customer complaints between 2002 and 2019, according to his CRD report. 

September 2019. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer is seeking $42,835,517 in damages in this pending customer complaint. 

May 2019. “Alleged negligent failure to supervise, Texas Securities Act violations, aider liability, breach of fiduciary duty, aiding and abetting breach of fiduciary duty.” The customer is seeking $450,000 in damages in this pending customer complaint. 

May 2019. Failure to supervise, negligence, breach of fiduciary duty and fraud.” The customer is seeking $100,000 in damages in this pending customer complaint. 

May 2019. “Alleged failure to supervise, negligence, breach of fiduciary duty and fraud.” The customer is seeking $500,000 in damages in this pending customer complaint. 

May 2019. “Alleged failure to supervise, negligence, breach of fiduciary duty and fraud.” The customer is seeking $500,000 in damages in this pending customer complaint. 

February 2019. “Customer alleges that the now-deceased registered representative did not return funds that were privately loaned to or privately invested with the registered representative. The registered representative was only registered with LPL Financial LLC for one day on November 29, 2017, which was the result of an error. None of the conduct described in the complaint was alleged to have occurred during the one day that the advisor was registered with LPL Financial LLC.” The customer is seeking $377,275 in damages in this pending customer complaint. 

October 2018. “Customer alleges misrepresentation and fraud in connection with alleged scheme involving “short-term investment notes.” the advisor at issue is now deceased and was only registered with LPL Financial LLC for one day on November 29, 2017, which was the result of an error. None of the conduct described in the complaint was alleged to have occurred during the only day that the advisor was registered with LPL Financial LLC.” The customer is seeking $7,835,517.93 in damages in this pending customer complaint. 

September 2018. “Unsuitable investment.” The case is currently pending. 

September 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The case is currently pending. 

September 2018. “Unsuitable investment.” The case is currently pending. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The case is currently pending. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The case is currently pending. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer is seeking $22,000 in damages in this pending customer complaint. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer is seeking $100,000 in damages in this pending customer complaint. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer sought $63,000 in damages and the case was settled for $10,000.

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer is seeking $25,000 in damages. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The case is currently pending. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer is seeking $200,000 in damages in this pending customer complaint. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The customer is seeking $300,000 in damages in this pending customer complaint. 

August 2018. “Customer alleges that recently-deceased Registered Representative did not return all of the funds that were privately loaned to or privately invested with the Registered Representative. The private loan(s) or investment(s) were neither disclosed to nor approved by the Firm.” The case was settled for $320,000.

October 2016. “Claimant alleges violations of FINRA rules and standards of conduct, violation of the Texas Securities Act, and negligence in making unsuitable recommendations, engaging in manipulative and deceitful conduct, and breach of duties.” The customer is seeking $94,352.90 in damages and the case is currently pending.

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, National Planning Corporation may be liable for investment or other losses suffered by Thomas’ customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.

Disclaimer: Clients are responsible for costs. Contingency fee is calculated before deducting costs incurred in the case.