Our firm is investigating former Ceros Financial Services broker and financial planner Thomas Anthony Kieffer (CRD# 269086) of Chesterfield, Missouri, concerning customer complaints involving managed stock portfolios, alleged breach of duty, negligence, and unsuitable investment recommendations.
Stockbroker’s Career History
According to his FINRA BrokerCheck report, Thomas Anthony Kieffer entered the securities industry in 1971 and is currently not registered as a broker with any FINRA member firm. He has spent much of his career associated with firms in Arizona and Missouri while operating an investment-related business in Chesterfield, Missouri.
From approximately January 2010 until February 2022, Kieffer was registered as a broker with Ceros Financial Services, Inc. (CRD# 37869) in Chesterfield, Missouri. Before joining Ceros, he was registered with Girard Securities, Inc. (CRD# 18697) in Chesterfield from September 2002 through December 2009. Prior to that, he spent roughly fourteen years with Spelman & Co., Inc. (CRD# 10232) in Phoenix, Arizona, from August 1988 to September 2002.
Earlier in his career, Kieffer was associated with First Affiliated Securities, Inc. (CRD# 6871) from May 1980 to August 1988, FSC Securities Corporation (CRD# 7461) from November 1978 to June 1980, and both MONY Sales, Inc. (CRD# 4386) and The Mutual Life Insurance Company of New York (CRD# 2873) from June 1971 to October 1977.
In addition to his brokerage registrations, Kieffer has reported serving since February 1977 as President and a 33.3% owner of St. Louis Financial Planners Inc. in Chesterfield, Missouri, an investment-related business where he has engaged in advisory and planning activity for clients.
Thomas Anthony Kieffer Fraud Allegations and Investor Complaints Explained
BrokerCheck for Thomas Anthony Kieffer discloses three customer disputes, all categorized as Customer Dispute – Settled, arising from his work with St. Louis Financial Planners, Inc. involving managed individual stock portfolios. Collectively, customers alleged more than $1.22 million in damages, and the disputes were resolved through settlements totaling more than $662,000, much of which was personally contributed by Kieffer.
These complaints highlight allegations of breach of duty, negligence, and unsuitable investments in managed stock portfolios—issues that often appear in FINRA arbitration claims when investors believe their advisors failed to manage risk appropriately or to tailor recommendations to their financial situation and objectives.
Key Customer Disputes Reported on Kieffer’s Record
- 2017 Customer Complaint – Alleged Unsuitable Investments and Breach of Duty
- Employing Firm at the Time: St. Louis Financial Planners, Inc.
- Product Type: Managed individual stock portfolio
- Allegations: Customer filed a deficiency notice alleging breach of duty and unsuitable investments by Thomas Kieffer.
- Alleged Damages: $89,000
- Date Complaint Received: May 12, 2017
- Resolution: Complaint was not pursued as arbitration but was handled as a customer complaint.
- Disposition: Settled on October 10, 2017
- Settlement / Monetary Compensation: $45,000 (no individual contribution reported)
- 2020 Customer Complaint #1 – Breach of Duties and Negligent Actions
- Employing Firm at the Time: St. Louis Financial Planners, Inc.
- Product Type: Managed individual stock portfolio
- Allegations: A deficiency notice dated April 29, 2020 claimed breach of duties and negligent actions by Kieffer in managing a stock portfolio.
- Alleged Damages: $1,000,000
- Complaint Received: June 1, 2020
- Proceeding: Written complaint evolved into a FINRA arbitration (Docket No. 20-01349).
- Disposition: Settled on October 22, 2021
- Monetary Compensation: $485,000
- Individual Contribution by Kieffer: $373,450
- 2020 Customer Complaint #2 – Breach of Duties in Managed Stock Portfolio
- Employing Firm at the Time: St. Louis Financial Planners, Inc.
- Product Type: Managed individual stock portfolio
- Allegations: Customer filed a deficiency notice dated July 2, 2020 alleging breach of duties by Kieffer in managing a stock portfolio.
- Alleged Damages: $135,000
- Notice/Process Served: July 7, 2020
- Proceeding: FINRA arbitration (Docket No. 20-02068).
- Disposition: Settled on October 25, 2021
- Monetary Compensation: $132,025
- Individual Contribution by Kieffer: $102,025
Summary of Disclosure History
- 3 customer disputes, all categorized as Customer Dispute – Settled
- All matters involved managed individual stock portfolios
- Allegations include:
- Breach of duty / breach of duties
- Negligent actions
- Unsuitable investments
- Approximate total alleged damages: $1,224,000
- Approximate total settlement payments: $662,025
- Significant portions of two later settlements were personally contributed by Kieffer, indicating substantial personal financial responsibility in resolving those cases.
Investors should understand that, as with all BrokerCheck disclosures, these events are reported by firms, the broker, and/or regulators, and settlements typically occur without an admission of liability. However, the pattern of multiple disputes involving similar allegations in managed portfolios over several years may be a red flag for potential mismanagement of investment accounts and failure to align recommendations with clients’ risk tolerance and objectives.
In light of these settlements and the serious nature of the allegations, current and former customers of Thomas Anthony Kieffer or St. Louis Financial Planners, Inc. who experienced significant losses in managed stock portfolios should consider whether they may have FINRA arbitration claims for negligence and breach of fiduciary duty or unsuitable investment strategies.
To obtain a copy of Thomas Anthony Kieffer’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis to believe that any recommended transaction or investment strategy is suitable for the customer based on that individual’s investment profile, including age, financial situation, risk tolerance, time horizon, and liquidity needs. When a customer alleges that a managed stock portfolio was unsuitable, too risky, or inconsistent with stated objectives, arbitrators ask whether the broker performed adequate due diligence on the securities and strategy and whether the portfolio was appropriately diversified and aligned with the client’s risk tolerance. In the disputes involving Thomas Kieffer, the allegations of unsuitable investments and large losses in managed individual stock portfolios suggest that claimants may have argued that the portfolio construction and ongoing management violated Rule 2111’s customer-specific suitability obligations.
Section 6. FINRA Rule 2090 – Know Your Customer
FINRA Rule 2090 (Know Your Customer) requires member firms and their associated persons to use reasonable diligence, at account opening and on an ongoing basis, to know and retain the essential facts concerning every customer and the authority of each person acting on the customer’s behalf. Essential facts include information needed to service the account properly, follow special handling instructions, and comply with applicable laws and rules. In the context of the Kieffer complaints, investors may argue that if their accounts were concentrated in volatile stocks or managed with a risk profile inconsistent with their age, financial situation, or stated objectives, then the broker failed to properly “know the customer” and update his understanding of their needs, thereby contributing to the alleged breach of duty and negligent management of their portfolios.
Section 7. FINRA Rule 2010 – Standards of Commercial Honor and Principles of Trade
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethics rule requiring that, in the conduct of their business, members and associated persons observe high standards of commercial honor and just and equitable principles of trade. Even where a particular transaction does not fit neatly into a technical suitability or know-your-customer violation, patterns of conduct involving repeated breach of duty, negligent portfolio management, or failure to act in a client’s best interests can still be charged under Rule 2010. The multiple managed account disputes disclosed on Kieffer’s record—and the substantial settlements paid to customers—could be cited by investors as evidence that his conduct fell below the high ethical standards required by Rule 2010, especially if arbitrators find that he failed to manage risk, follow client objectives, or respond appropriately to market conditions in those accounts.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
