Thomas Edmund Connors Allegedly Sold Insurance Products from Providers Not Authorized by Prime Capital Services

investment fraud attorneysFrom 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 Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Thomas Edmund Connors

Status: INVESTIGATED by Peiffer Rosca.

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Alan Rosca (1200 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.