In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Tom Schober of Rumson, NJ, formerly with SII Investments of Westborough, MA was barred from association with any FINRA member. Schober submitted to findings that he made unsuitable annuity exchanges on behalf of elderly customers. These exchanges resulted in over $150,000 in surrender penalties to the customers and netted Schober over $50,000 in commissions. Schober never disclosed the surrender charges to the customers, and he also took steps to hide the basis for the exchanges from his firm and from the annuity companies.
Tom Schober’s registration and disciplinary history
In order to lawfully sell investments to the public, a registered rep must either be registered or exempt from registration. Tom Schober was registered with SII Investments from June, 2007 Through January, 2015.
According to FINRA’s CRD disclosure report, Tom Schober has been the subject of one customer complaint and one regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.