The White Law Group is investigating potential claims against Indiana financial advisor, Thomas Redmond Jr., on behalf of investors that suffered significant losses. If you suffered losses as a result of your dealings with Thomas Redmond Jr.,you may be able to recovery your losses through the Financial Industry Regulatory Authority (FINRA) dispute resolution process.
On March 1, 2013 the Indiana Secretary of State released a press statement (here) that Thomas Redmond, Jr. was charged with ten counts of Securities Fraud related to a financial scheme that defrauded a number of elderly clients. Redmond allegedly began operating this Ponzi scheme in 2004 and has admitted to using clients funds for personal use. “He told those clients that he would invest the funds for them in various securities, but would instead deposit the funds into his personal account and use the funds for his personal living and business expenses.”
Redmond allegedly used his Christian faith to gain the trust of several victims and secure their investments. According to Secretary Lawson, “This case is particularly devastating as it involves the most trusting of victims: elderly widows who knew Redmond through church and a pair of missionaries who spent their life’s work overseas counseling survivors of Auschwitz.”
To conceal the Ponzi scheme, Redmond allegedly sent fraudulent statements to his victims and made returns to some clients using funds from other victims. In addition, Redmond failed to inform his clients and employer that he was barred from selling securities by FINRA in 2011.
According to his BrokerReport provided by FINRA’s Central Registration Depository (CRD), Redmond was a registered broker with FINRA from February 2000 to October 2009 in various states. He worked in Ohio with Tower Equities, Inc., from 01/2000-12/2000. Redmond worked in Wisconsin SII Investments Inc. from 03/2001-03/2002. He worked in Nebraska with Freedom Financial, Inc., from 03/2002-11/2003. Redmond than spent over two years working in Florida with Empire Financial Group, Inc., from 11/2003-08/2005. He worked for two Indian firms, Capital Financial Services, Inc., from 01/2005-11/2007 and Next Financial Group, Inc. from 12/2007-10/2009.
While at Next Financial Group, Redmond became a registered Investment Adviser Representative, and continued working as a registered Adviser until 2012. Redmond worked briefly with Vantage Advisors, LLC from 03/2010-04/2010. He worked with Provident Capital Management, Inc. from 11/2010-06/2012.
According to the CRD, Redmond entered into an Acceptance, Waiver & Consent in 2011 that permanently barred him from selling securities. The allegations made by FINRA included making unsuitable investment recommendations, misrepresenting investments, and forging client’s signatures.
Brokerage firms have a supervisory responsibility to monitor the conduct and investment activities of their employees. A broker that sells or solicits the sale of securities outside of the firm he works with, it may be considered “selling away” and violates FINRA rules. When a broker lies, steals and deceives clients to sell securities, like Redmond, the brokerage firm may be liable for investment losses through a FINRA dispute resolution claim.
If you are concerned about investments made with Thomas Redman Jr., between 2000-2009 and would like to discuss your litigation options to recover losses, please call the securities attorneys of The White Law group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit https://www.whitesecuritieslaw.com.