Thomas N. Charbonneau Allegedly Sold Penny Stocks from Own Personal Account; Barred from FINRA
On September 19, 2014, Thomas N. Charbonneau, formerly of Berthel, Fisher & Co. and Feltl & Co., was disciplined by FINRA in connection with multiple instances of professional misconduct, including soliciting clients to purchase a valueless penny stock named X Corp, while simultaneously selling off shares in the same company, a FINRA Letter of Acceptance, Waiver, and Consent (AWC) alleges. Charbonneau’s scheme reaped a transient profit of $400,000, but will result in a permanent and lifetime ban from the financial industry, the AWC notes.
Thomas N. Charbonneau Sold 1.7 Million Shares of X Corp Stock
Thomas N. Charbonneau, the AWC reports, had helped X Corp escape bankruptcy in 2004 and consequently obtained a majority of X Corp shares, a highly speculative and risky penny stock, for less than $0.01 per share. From the looks of things, as Charbonneau was selling 1.7 million shares of X Corp stock, he was concurrently recommending his customers to purchase over 2 million shares of the stock, which many did, for around 65 cents per share, the AWC reports. These transactions netted Thomas N. Charbonneau approximately $400,000, however, he failed to properly tell his dutiful customers of his personal interest in the X Corp stock, or of the personal stake he held, and the enormous amount of cash he was making off of their investments, the AWC alleges. Charbonneau’s actions broke FINRA Rules, and consequently he has been barred from FINRA. Thomas N. Charbonneau entered the securities industry in 1972 and worked for eight separate FINRA broker dealers during his 40 plus year career, but is no longer associated with any FINRA-member yet remains subject to FINRA’s jurisdiction and disciplinary powers.
Investment Fraud Lawyers Investigating
The Peiffer Wolf Carr & Kane securities attorneys often represent investors who lose money as a result of investment fraud, or stockbroker misconduct, and are currently investigating Thomas N. Charbonneau and his sales of X Corp shares, and are looking into the possibility of assisting victims with the recovery of their losses. 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 fraud or misconduct may contact the securities lawyers 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 N. Charbonneau
Status: INVESTIGATED by Peiffer Rosca.
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