Thomas Hogle Barred by FINRA After Alleged Lack of Cooperation With Investigation

Allegations concern unsuitable, excessive and unauthorized trades for a 101-year-old customer

After 16 years in the securities industry, FINRA barred Thomas Morley Hogle from acting as a broker or associating with FINRA members in a professional capacity on May 11, according to the FINRA website.

The action comes in the wake of a FINRA investigation into whether Hogle made unsuitable investment recommendations to a 101-year-old customer. According to FINRA documents, FINRA requested documents and information from Hogle in two separate letters. When he did not respond to those requests FINRA staff spoke to him on the phone, at which time Hogle allegedly acknowledged the requests but stated that he would not produce the information requested at any point.

In his alleged refusal to respond to the document and information requests, Hogle found himself in violation of FINRA rules and, on May 7, Hogle submitted a waiver consenting to the sanctions against him without accepting or denying the allegations, according to FINRA documents.

Hogle worked at B. B. Graham & Company, Inc., from 2011 until his barring in May 2015. Prior to that, he was employed by Nelson Reid, Inc., and Aurora Financial Services LLC, both in Houston. Early in his career, he worked at A. G. Edwards & Sons, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

While at A. G. Edwards in 2005, Hogle faced a customer dispute alleging unsuitable, excessive and unauthorized trading, according to the FINRA disclosure report. The dispute alleged damages of $100,000, but the firm settled for $85,000, one-third of which was paid by Hogle.

Excessive trading, often referred to as churning, occurs when a stockbroker trades a customer’s account in order to generate excessive fees, costs or commissions generally for the brokerage firm’s profit. Commissions and markups can greatly impact an investor’s portfolio because every dollar spent on expenses must be earned in market gains just for the account to break even.

Unsuitable trades occur when a broker recommends a securities transaction or investment strategy that does not match an investor’s portfolio. For example, the high risk, speculative investments that become part of the portfolio of an experienced executive with a high net worth would not be suitable for new investors or elderly ones who have low risk tolerance and rely on their accounts of income. Investors must be diligent in monitoring their accounts for improper activity. Octogenarians can be the victim of elder financial fraud when they put their trust in the wrong financial advisor.

If you, like many investors, have suffered loss or damages while working with Hogle or any financial adviser, Silver Law Group may be able to help you navigate your options and pursue legal action through securities arbitration.

Silver Law Group is composed of experienced and skilled securities fraud attorneys who are passionate about helping those who have been wronged at the hands of financial advisers to recover their losses through securities arbitration.

At Silver Law Group, you can expect a complimentary consultation and a case handled on a contingent-fee basis, in which you will not have to pay legal fees unless we win your case.

Our securities fraud lawyers work with investors nationwide to discover their legal rights and recover losses through securities arbitration, and they may be able to help you too. Call us today for your free consultation.