Thomas Martin Suspended For Allegedly Exercising Discretion in Non-Discretionary Accounts

The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Thomas S. Martin. According to his publicly available FINRA BrokerCheck report, Thomas Martin has been the subject of multiple customer disputes over the course of his career.

Thomas Martin is a New Mexico-based securities broker who has worked in the securities industry for eighteen years. During his career, he has been registered with two different securities firms.

His Registrations 

• Edward Jones (2002-2017)


• EK Riley Investments (2017-present)

The Allegations 

• In August 2011, a customer alleged that Thomas Martin had made unsuitable investments in her account, claiming that Martin’s investments were incongruent with the investor’s risk tolerance. The case was settled for $22,407.33 in damages.


• In August 2017, a customer alleged that Martin had mad multiple unauthorized trades in her account. The case was settled for $8,252.75 in damages.


• In January 2020, Martin was officially suspended by FINRA for exercising discretionary trading in customer accounts without receiving written authorization from the customers or obtaining approval from his member firm. Due to these findings, Martin was fined $5,000 and suspended from acting as a securities broker in all capacities for a period of fifteen business days.

Why Does This Matter?

In general, securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization.  An exception to this is a practice known as discretion that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor before doing so.  This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.

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 due to this fraud or negligence 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 S. Martin please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.