Former Triad Advisors, Inc. Financial Advisor Christopher Thomas Tolmacs Barred by FINRA
Posted on Tuesday, May 9th, 2017 at 5:11 pm
Erez Law is currently investigating former Triad Advisors, Inc. financial advisor Christopher Thomas Tolmacs (CRD# 4648724) regarding a promissory note scheme. Tolmacs was registered with Triad Advisors, Inc. in Portage, Michigan from 2008 to 2016. FINRA has barred Tolmacs from acting as a broker or otherwise associating with firms that sell securities to the public.
In March 2016, FINRA barred Tolmacs after he consented to the sanction that he failed to fully respond to request for documents and information from FINRA and refused to appear for on-the-record testimony during the course of the investigation regarding Tolmacs entry into lending arrangements with several customers at Triad Advisors, Inc. through the issuance of promissory notes. The investigation was also looking into whether Tomacs “made materially misleading statements and omissions in connection with those arrangements, and whether Tolmacs converted customer funds.”
In April 2016, Michigan revoked Tolmac’s investment adviser representative and securities agent registration because he failed to timely update his form U4. The investigation found that Tolmacs “has engaged in dishonest and unethical business practices in the securities industry within the previous 10 years, all of which support the revocation of his investment adviser representative and securities agent registrations under the above-cited provisions of the Michigan Uniform Securities Act (2002), 2008 PA 551, MCL 451.2101 et seq.” Tolmacs was sanctioned $50,000 in civil and administrative penalties and fines and his licenses were revoked.
Tolmacs has been the subject of eight customer complaints between 2016 and 2017, according to his CRD report:
January 2017. “Claimants allege that Representative made unsuitable recommendations for their retirement assets.” The customer is seeking $130,267.64 in damages and the case is currently pending.
December 2016. “Suitability April 2014.” The customer sought $100,000 in damages and the case was settled for $18,500.
July 2016. “Conversion of funds May 2010 – June 2013.” The customer sought $300,000 in damages and the case was settled for $190,000.
July 2016. “Conversion of funds. March 2013- March 2014.” The customer sought $209,000 in damages and the case was settled $146,000.
June 2016. “Suitability August 2014 – December 2015.” The customer sought $100,000 in damages and the case was settled for $40,000.
May 2016. “Representative solicited and accepted loans from customers.” The customer sought $90,000 in damages and the case was settled for $60,000.
May 2016. “Representative solicited and accepted loans from customers.” The customer sought $100,000 in damages and the case was settled for $66,000.
April 2016. “Representative solicited and accepted loans from clients.” The customer sought $385,000 in damages and the case was settled for $225,000.
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, Triad Advisors, Inc. may be liable for investment or other losses suffered by Tolmacs’ customers.
Erez Law represents investors in the United States for claims against former Triad Advisors, Inc. financial advisor Christopher Thomas Tolmacs, who is alleged to engage in a promissory note scheme. If you were a client of former Triad Advisors, Inc. financial advisor Christopher Thomas Tolmacs 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.