The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Thomas Sharp. According to his publicly available FINRA BrokerCheck report, Thomas Sharp has been the subject of multiple customer disputes over the course of his career.
Thomas Sharp is a California based securities broker. He has worked in the securities industry for thirty-one years. During his career, he has been registered with just two different securities firms.
His Registrations
- IDS Life Insurance Company (2001-2006)
- Ameriprise Financial Services (1987-Present)
The Allegations
- In February 2015, a customer alleged that Thomas Sharp recommended unsuitable investments and violated FINRA rules. This case went to arbitration where the customer was awarded $40,333 in damages.
- In May 2017, customers alleged that Thomas Sharp recommended unsuitable REIT investments. This case was settled for $147,000 in damages.
- In November 2018, another customer alleged that Thomas Sharp recommended unsuitable REIT investments. They also alleged that Sharp made false representations, committed fraud, breached his fiduciary duty, and acted negligently.
What Does This Mean?
Non-traded real estate investment trusts, also known as non-traded REITs, are privately traded investment funds that do not trade on public securities exchanges. Because of their private nature, these products are much more speculative and illiquid than publicly traded equities. They are also accompanied by much higher, and quite unnecessary, fees than publicly traded equities. While non-traded REITs are unsuitable for most investors, many securities brokers continue to pressure unsuited investors into purchasing them due to the excessively high commissions. Broker commissions for these products can be as high as ten percent of the principal investment. This commission compounded with other upfront fees can drain an investor’s principal of as much as 17 percent. This makes it near impossible for investors to see profits under anything besides a booming market.
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 Sharp, 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.
