Broker Barred and Firm Expelled for Sales Practice Violations Relating to PCG Private Placements

Broker Barred and Firm Expelled for Sales Practice Violations Relating to PCG Private Placements

Broker Barred and Firm Expelled for Sales Practice Violations Relating to PCG Private Placements

Thomas Brenner, a former securities agent of First American Securities, has been permanently barred from the securities brokerage industry after he refused to cooperate with a FINRA investigation into his involvement in the sale of three different private placements. The investigation was initiated after FINRA received tips or complaints from numerous investors who invested in one or more of the private placements, and who were concerned about their inability to contact the issuers. The investors were generally members of Brenner’s hometown community in Orrville, Ohio, and many of them were seniors.

According to Brenner’s Brokercheck report, FINRA’s investigation led to findings that Brenner and First American delivered private placement memorandums for a company called PCG which contained false and misleading information, and that Brenner made statements which were misleading, exaggerated, and unwarranted.

FINRA also found that neither Brenner, nor anyone else at First American, conducted due diligence on the private placements. A monetary sanction was imposed against First American as a result of these findings; however, First American defaulted on its payment obligation in March and was expelled as a result.

If you have suffered investment losses in private placement investments, the law firm Mika Meyers, PLC may be able to assist you in recovering some or all of your losses. Contact investor claims attorney Dan Broxup of Mika Meyers, PLC at (616) 632-8059 for a free, no-obligation consultation.