DID CHRISTOPHER THOMAS TOLMACS CAUSE YOU INVESTMENT LOSSES?
Christopher Thomas Tolmacs formerly with Triad Advisors, Inc. Has 12 Customer Complaints for Alleged Broker Misconduct
Who is Christopher T. Tolmacs formerly with Triad Advisors, Inc.?
Christopher Tolmacs (CRD #4648724) who was formerly registered with Triad Advisors, Inc. and located in Portage, Michigan is a subject of one of our many securities industry sales practice abuse investigations.
Prior to Triad Advisors, Inc., Christopher Tolmacs was associated with 2 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
Christopher Tolmacs has had his own problems with the regulators. In 2016, the State of Michigan revoked his license and fined him $50,000 for allegedly willfully violating the Michigan Securities Act, impeding an examination of the Triad Branch Office, and engaging in dishonest and unethical business practices.
Later, he was suspended by FINRA for failing to pay an arbitration award. And then, Christopher Tolmacs allegedly refused to appear and give testimony to FINRA during the course of an ongoing FINRA investigation into whether he entered into lending arrangements with several of his customers through the issuance of promissory notes, and he was permanently barred from association with any FINRA member firm in any capacity.
Triad Advisors, Inc. Broker Misconduct
In his career, Christopher Tolmacs has been the subject of 12 customer complaints that we know about, one of those complaints were filed in the last year to recover investment losses. In 2016, he was found liable and ordered to pay the claimants in an arbitration proceeding of $1.2 million.
Based upon the panel’s finding of negligence, gross negligence, breach of fiduciary duty, willful and wanton misconduct, conversion of funds, securities fraud, and in addition, ordered to pay $300,000 in punitive damages based upon his willful and wanton misconduct, including the conversion of funds and securities.
Ten of Christopher Tolmacs’ 12 customer complaints were settled in favor of investors. There is currently one pending customer complaint filed against Christopher Tolmacs’ former employer Triad Advisors, Inc. for investment losses caused by his alleged misconduct.
Allegations Against Christopher Tolmacs
A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:
- The claimant alleged that money provided to Christopher Tolmacs for investment were converted by him for his own use.
- Claimants alleged that the financial advisor recommended unsuitable alternative investments involving equipment leasing and other business development companies and further that they loaned him money that was not repaid.
- Claimants alleged that Christopher Tolmacs made unsuitable investment recommendations for their retirement assets in exchange-traded funds in business development companies.
- Conversion of funds.
- Claimants alleged unsuitable investment recommendations involving mutual funds, and oil and gas, and real estate partnerships.
- Claimants made loans to Christopher Tolmacs and exchange received promissory notes that were never repaid.
- The claimant alleged unsuitable investment recommendations to concentrate the assets of an individual retirement account in illiquid, high commission, private placement investments.
Christopher Tolmacs Red Flags & Your Rights as An Investor
Of course, Christopher Tolmacs did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags that should put all current and former customers of Christopher Tolmacs at Triad Advisors, Inc. on alert to review carefully the activity and performance of their accounts and question whether Christopher Tolmacs has engaged in any stockbroker misconduct that may have caused them investment losses.
The large number of customer complaints at Triad Advisors, Inc. also raises questions about its supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim to Recover Your Investment Losses at Triad Advisors, Inc.
If you have questions about Triad Advisors, Inc. and/or Christopher Tolmacsand the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.