Thomas Edmund Connors Allegedly Sold Insurance Products from Providers Not Authorized by Prime Capital Services
From October 2011 through approximately May of 2012, Thomas Edmund Connors allegedly charged a $399 fee to 47 separate Prime Capital Services (PCS) customers who opened accounts through him with PCS’ affiliated investment advisor, according to a Complaint filed by FINRA’s Department of Enforcement.
Connors also reportedly generated revenues of approximately $18,000 from his alleged undisclosed activity, the Department of Enforcement alleges, and that, in total whilst registered with PCS, Connors allegedly engaged in three outside business activities for compensation without providing prior written notice to PCS, or obtaining approval from the firm to engage in such activities.
Connors Allegedly Charged Tax Preparation Fees, Took in $ 10,000
From approximately January 2012 through about June 2012, Connors allegedly charged tax preparation fees ranging from $150 to $500 to 32 individuals, 11 of whom were reportedly PCS customers, the FINRA Compliant notes. In addition, FINRA reports, Connors allegedly received approximately $ 10,000 from this undisclosed activity.
Furthermore, starting around May 2011, and running up to approximately May 2012, Connors also allegedly sold insurance products for insurance companies that had not been approved by PCS, as required, generating approximately $18,000 in commissions from this undisclosed arrangement, FINRA also notes.
As a result of said action, Connors, who first became registered with FINRA as a General Securities Representative on December 18, 1982, allegedly violated FINRA Rules, and FINRA requested that Connors be required to disgorge fully any alleged ill-gotten gains, the FINRA Complaint announces.
Investor Rights Attorneys Investigating
The Peiffer Wolf Carr & Kane investor rights attorneys often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investor rights attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Thomas Edmund Connors
Status: INVESTIGATED by Peiffer Rosca.
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