Have You Suffered Oil and Gas Sector Losses with Former Fulcrum Securities, LLC Financial Advisor Athanasios Tomaras?
Posted on Saturday, October 14th, 2017 at 7:53 am
Erez Law is currently investigating former Fulcrum Securities, LLC financial advisor Athanasios Tomaras (CRD# 2722538) regarding unsuitable recommendations in oil and gas investments. Tomaras has been registered with R. F. Lafferty & Co., Inc. in Oldsmar, Florida since 2015. Previously, he was registered with Fulcrum Securities, LLC in Oldsmar, Florida from 2012 to 2016 and with Morgan Stanley Smith Barney in Clearwater, Florida from 2009 to 2012.
In August 2009, the Florida Office of Financial Regulation alleged, “Tomaras failed to observe high standards of commerical (sp) honor and just and equitable principles of trade.” He was ordered to cease and desist and sanctioned to $10,000 in civil and administrative penalties and fines and was ordered to be placed on heightened supervision with Morgan Stanley.
Tomaras has been the subject of five customer complaints between 2013 and 2016, two of which were denied, according to his CRD report:
October 2016. “Client alleges Mr. Tomaras made unsuitable investments resulting in losses. Mr. Tomaras states the allegations are unfounded and baseless.” The customer sought $189,000 in damages and the case was settled for $14,999.
April 2015. “Client claims that beginning late 2013 his account was overly concentrated in energy sector and that Tomaras failed to execute stop loss orders as instructed by client. Client claims $63,874.13 in losses as a result of failure to execute stop loss orders in CLNE and PWE. Client also alleges unsuitable trades.” The customer sought $63,874.13 in damages and the case was settled for $25,000.
April 2013. “Customer filed arbitration arising out of the liquidation of a position that transferred into the firm. In connection with that liquidation the customer asserts the following claims: breach of fiduciary duty, violation of Finra rule 2110, breach of contract, negligence, violation of FL securities act and control person liability. Customer seeks alleged damages in the amount of $569,300. The firm and associated persons deny liability and will vigorously defend these claims.” The customer sought $569,300 in damages and the case was settled for $35,000.
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, Fulcrum Securities, LLC may be liable for investment or other losses suffered by Tomaras’ customers.
Erez Law represents investors in the United States for claims against former Fulcrum Securities, LLC financial advisor Athanasios Tomaras, regarding unsuitable recommendations in oil and gas investments. If you were a client of Fulcrum Securities, LLC 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.