Thomas Fross of LPL Financial Facing Customer Dispute

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 of LPL Financial Facing Customer DisputeThomas 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.

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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