The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Thomas Logue. According to his publicly available FINRA BrokerCheck report, Thomas Logue has been the subject of multiple customer disputes.
Thomas Logue was an Illinois based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- American Capital Corporation (1990-1991)
- Chubb Securities Corporation (1991-1993)
- Securities America (1993-1995)
- Fox & Henry (1995-2001)
- Dreher & Associates (2001-2002)
- Edwin C. Blitz Investments (2002-2004)
- First Midwest Securities (2004-2011)
- Investors Capital Corporation (2011-2014)
- American Independent Securities (2014-2017)
The Allegations
- In February 2006, a customer alleged that Thomas Logue engaged in unauthorized trading. This case was settled for $14,873 in damages.
- In September 2017, a customer alleged that Thomas Logue misrepresented the investments they purchased and that the transactions were unsuitable. This case was settled for $23,500 in damages.
- In December 2017, a customer alleged that all transactions Thomas Logue executed were unsuitable. This case was settled for $80,000 in damages.
- In September 2018, Thomas Logue was officially sanctioned by FINRA. The findings in this matter state that he allegedly failed to comply with an investigation into his alleged trading activities. Due to this alleged failure to comply, Thomas Logue was officially barred by FINRA from acting as a securities broker in any fashion.
- In October 2018, a customer alleged that Thomas Logue recommended unsuitable investments. This case is currently pending. The customer is seeking $450,000 in damages.
- In May 2019, a customer alleged that Thomas Logue recommended unsuitable investments and breached his fiduciary duty. This case is currently pending. The customer is seeking $200,000 in damages.
What Does This Mean?
Most investors lack the ability to invest suitably without the aid of a securities broker. That is the reason that most investors hire securities brokers. So that they can receive the necessary recommendations to invest in securities that they are actually financially suited for. One of the most important aspects of a securities broker’s job is being able to determine suitability by analyzing various factors. These factors include investment objectives, risk tolerance, financial situation, age, annual income, net worth, and liquidity needs. Brokers like Thomas Logue are expected to conduct the necessary due diligence that is required to determine if a particular investment would be suitable for a particular investor based on these factors. Because of this, they are unable to excuse themselves when things go awry by claiming they were unaware of an investment’s unsuitability.
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 Thomas Logue, please contact Oakes & Fosher for a free and private consultation.
