Thomas Fross, Broker with LPL Financial, Facing Customer Dispute Alleging Unsuitable Portfolio Changes

The customer alleges that Fross failed to follow instructions between March and August of 2020.

The Sonn Law Group is investigating allegations that Thomas Fross failed to follow instructions. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Thomas Fross (CRD#: 4509874) is registered as a broker and investment adviser with LPL Financial in The Villages, Florida, where he has been employed since 2018. Fross was previously registered with SII Investments from 2007 until 2018.

Fross has five customer disputes on his BrokerCheck report, but three were denied.

June 2020 Customer Dispute

• Status: Pending
• Allegations: Customer alleges failure to follow instructions with respect to unsuitable portfolio changes. Activity Period: 3/26/20 to 8/21/20.
• Damage Amount Requested: $119,716.05
• Broker Comment: The sale of the customer’s eighty equity securities, which formed almost the entirety of his portfolio that was transferred to me on March 9, 2020, occurred during the COVID-19 market decline on March 26, 2020. The sale of these securities was suitable given 1) the high risk level of these investments in his undiversified portfolio; 2) the fact that they had significantly declined in value; and 3) they were not consistent with the customer’s stated desire for conservative investments. I discussed these sales with the customer who gave his consent, and the proceeds were invested in very conservative mutual funds that were consistent with his investment objective. I deny all allegations of wrongdoing, as the damages are without merit. 

January 2016 Customer Dispute

• Status: Award / Judgment
• Allegations: Unsuitability; misrepresentations and omissions; violation of NASD/FINRA conduct  rules; breach of contract; negligence; breach of fiduciary duty; and vicarious liability.
• Damage Amount Requested: $24,000.00
• Broker Comment: Award was issued against the firm SII only for $19,634.34. Denied against the Rep, who was only a subject of arbitration.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Thomas Fross failed to follow instructions. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.