Thomas N. Charbonneau Allegedly Sold Penny Stocks from Own Personal Account; Barred from FINRA

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

Broker: Thomas N. Charbonneau

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1157 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.