The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Christopher Tolmacs. According to his publicly available FINRA BrokerCheck report, Christopher Tolmacs has been the subject of numerous customer disputes.
Christopher Tolmacs was a Michigan based securities broker. He worked in the securities industry for twelve years. During his career, he was registered with just three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Vanguard Capital (2003-2005)
- ING Financial Partners (2005-2008)
- Triad Advisors (2008-2016)
The Allegations
- In March 2016, Christopher Tolmacs was officially barred by FINRA from acting as a securities broker in any fashion. This followed allegations that he failed to comply with an investigation into allegations that he inappropriately solicited loans from customers, made material misrepresentations and omissions, and converted customer funds.
- In April 2016, Christopher Tolmacs allegedly solicited and then accepted loans from a client. This case was settled for $225,000 in damages.
- In May 2016, another customer alleged that Christopher Tolmacs solicited and then accepted loans from them. This case was settled for $66,000 in damages.
- Also in May 2016, yet another customer alleged that Christopher Tolmacs solicited and accepted loans from them. This case was settled for $60,000 in damages.
- In July 2016, a customer alleged that Christopher Tolmacs recommended unsuitable investments. The alleged transgressions taking place between August 2014 and December 2015. This case was settled for $40,000 in damages.
- In July 2016, a customer alleged that Christopher Tolmacs converted funds from their account for his own personal use. This case was settled for $146,000 in damages.
- Also in July 2016, another customer alleged that Christopher Tolmacs converted funds from their account. The alleged transgressions taking place between May of 2010 and June of 2013. This case was settled for $190,000 in damages.
- In October 2016, a customer alleged that Christopher Tolmacs breached his fiduciary duty, breached loan agreements, breached the implied covenant of good faith and fair dealing, failed to recommend suitable investments, and converted their funds. This case went to arbitration where the customer was awarded an undisclosed amount in damages.
- In December 2016, a customer alleged that Christopher Tolmacs recommended unsuitable investments. This case was settled for $18,500 in damages.
- In January 2017, customers alleged that Christopher Tolmacs made unsuitable recommendations concerning their retirement assets. This case was settled for $51,000 in damages.
- In March 2018, customers alleged that Christopher Tolmacs recommended unsuitable investments. The alleged transgressions taking place between 2010 and 2012. This case was settled for $95,000 in damages.
- In July 2018, a customer alleged Christopher Tolmacs converted customer funds for his own personal use. This case was settled for $34,250 in damages.
What Does This Mean?
Converting a customer’s funds is one of the most blatant misuses of power executed by a securities broker. This act is what investors fear most when deciding whether or not to trust securities brokers with their money. Unfortunately fund conversion can be accomplished through a wide array of means. Some securities brokers simply make unauthorized transfers of customer funds to their own accounts. Others try to hide their misdeeds through complicated schemes like making small withdrawals over years and blaming the losses on market fluctuation. Regardless of how its done, this act erodes the trust investors have for brokers and works toward a possible downfall of the broker/investor relationship.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Christopher Tolmacs, please contact Oakes & Fosher for a free and private consultation.
