The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Thomas Stratton from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Stratton misused customer funds with respect to the sale of promissory notes related to a third party’s life insurance policy, and misrepresentation thereto. The investigation was launched after FINRA received a tip to FINRA’s Securities Helpline for Seniors.
Mr. Stratton has been associated with World Choice Securities, Inc. in Melbourne, Florida, since January 2004.
If you or a loved one were a customer of Thomas Stratton or World Choice Securities, Inc., contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as World Choice Securities, Inc.
FINRA Disciplinary Proceeding No. 2021071245401
FINRA’s investigation began after receiving a tip to FINRA’s Securities Helpline for Seniors, which is a resource that senior and elderly investors can use to get assistance from FINRA or raise concerns about issues with brokerage accounts and investments.
On May 28, 2021, in connection with FINRA’s investigation, FINRA requested that Mr. Stratton produce documents and information. The investigation concerned Mr. Stratton’s potential misuse of customer funds with respect to the sale of promissory notes related to a third party’s life insurance policy and misrepresentations thereto.
After failing to respond to FINRA’s request, on June 28, 2021, FINRA issued a second request. Mr. Stratton provided a partial but incomplete response to the requests.
On July 13, 2021, FINRA sent a third request to Mr. Stratton. On August 3, 2021, Mr. Stratton stated through counsel that he would not produce the outstanding information or documents that FINRA had requested.
By refusing to produce the information or documents as requested by FINRA, Mr. Stratton violated FINRA Rules 8210 and 2010. Accordingly, he has been barred from associating with any FINRA member firm in any capacity.
Financial Advisor Thomas Ward Stratton (CRD No. 1646899)
Thomas Ward Stratton had 19 years of experience in the securities industry and has been associated with two different firms. Mr. Stratton was employed by World Choice Securities, Inc from January 2004 until August 2021.
According to his public disclosure report with FINRA, Mr. Stratton has been the subject of at least one customer complaint. In July 2016, a customer filed a securities arbitration claim alleging that Mr. Stratton unsuitably managed the customer’s account and caused more than $96,000 in damages. World Choice Securities, Inc. and Thomas Stratton settled the matter for $50,000.
World Choice Securities, Inc: Supervisory Duties
Brokerage firms like World Choice Securities, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Thomas Stratton or World Choice Securities, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.