Tommy Bolton Allegedly Misrepresented Investment
Tommy Bolton (CRD# 1398115), a broker registered with Stifel Nicolaus, recommended unsuitable annuities, according to a denied investor dispute. MDF Law is investigating the Fayetteville, North Carolina-based financial professional for similar conduct. If you suffered losses on investments he recommended, call our law firm for a free consultation with an attorney.
Continue reading this post to learn more about the allegations against Mr. Bolton. The information herein is based on a November 28, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Denied Complaint Sought 6-Figure Damages
On November 1, 2024, an investor lodged a dispute involving Mr. Bolton. Between 2021 and 2023, the claim alleged, Mr. Bolton unsuitably recommended four variable annuities. He also allegedly “misrepresented the ability to turn on income streams.” The dispute sought $269,222.73 in alleged damages and was denied by his member firm.
Firm Settled Past Dispute
The above-described claim is not the only investor dispute in Mr. Bolton’s record. On July 28, 2003, another investor filed a dispute alleging that he made unauthorized trades, failed to disclose material facts, and made unsuitable recommendations. Additional allegations included breach of fiduciary duty, manipulation, fraud, and negligence. His former member firm settled the dispute for $38,975.
Understanding Vital Securities Industry Rules
Generally speaking, three FINRA standards prohibit brokers like Mr. Bolton from making unauthorized trades. FINRA Rule 2010, for instance, requires brokers to observe high standards of commercial honor. Then there’s FINRA Rule 3260, which prohibits them exercising discretion—in other words, making trades without first consulting the customer—unless they have prior written authorization from the customer and approval from their firm. Finally, FINRA Rule 2020 clearly prohibits brokers from undertaking “manipulative, deceptive, or other fraudulent device[s] or contrivance[s]” as they conduct their trading. Learn more about these rules by reading FINRA‘s investor resources.
FINRA: Broker Based in Fayetteville, North Carolina
Mr. Bolton launched his career as a broker when he joined his first member firm, E.F. Hutton, in 1985. He left the firm in 1988 for Lehman Brothers, where he remained until he joined Citigroup Global Markets in 1993. After almost two decades at Citigroup, he joined Morgan Stanley in 2009, departing the next year for Stifel Nicolaus. He remains at Stifel Nicolaus today, working at its branch office in Fayetteville, North Carolina. With 39 years of experience as a broker, he has completed seven industry exams, including the Series 9 and the Series 65.
Tommy Bolton Complaints? Call MDF Law
Do you have concerns about investments recommended by Tommy Bolton? You have rights as an investor, and you may be able to lodge a FINRA arbitration claim to recover your losses. Call MDF Law at 800-767-8040 for a free consultation with one of our investment fraud attorneys. We take all cases on a contingency basis and offer free consultations nationwide. Don’t delay — call MDF Law to speak with a lawyer today.