T. Sloan Thompson Allegedly Made Unsuitable Trades
T. Sloan Thompson (CRD# 2588490), formerly a broker registered with Truist Investment Services, allegedly engaged in risky and unsuitable trading, according to investor disputes. MDF Law is investigating the former Savannah, Georgia-based financial professional for similar conduct. If you are a current or former client with concerns about your accounts, contact us for a free consultation.
Details about Mr. Thompson’s professional history can be found below. The information in this post is based on his BrokerCheck profile, a Financial Industry Regulatory Authority resourced accessed on September 10, 2024.
Pending Disputes Seek 7-Figure Damages
In 2024, sixteen parties of investors filed disputes involving Mr. Thompson that are still pending. These disputes include allegations of risky and unsuitable trading, misrepresentation of material information, unauthorized conduct, and poor performance. The disputes seek more than $1.8 million in cumulative damages.
Past Disputes Settled for 6-Figures
The above-described disputes are not the only ones described in Mr. Thompson’s BrokerCheck profile. In 2022, another investor lodged a dispute alleging that he failed to follow instructions. His former member firm settled the dispute for more than $123,500 the following year.
Why Did Truist Fire T. Sloan Thompson?
Truist Investment Services fired Mr. Thompson in March 2024, as his BrokerCheck profile discloses. His termination followed allegations that he “either did not report or did not timely report client complaints,” according to the disclosure.
Understanding FINRA Rule 2020
The disputes involving Mr. Thompson allege that he violated several industry rules. FINRA Rule 2020, for instance, forbids brokers from using “any manipulative, deceptive or other fraudulent device or contrivance” to effect or induce securities transactions. In other words, brokers may not misrepresent information regarding the investments they recommend.
A similar standard is FINRA Rule 2111, which forbids brokers from recommending investments without a reasonable basis to believe they are appropriate for a customer’s background. This is known as FINRA’s suitability standard. A broker who represents an illiquid non-traded real estate investment to an investor with liquidity needs, for instance, may be found to have recommended an unsuitable investment.
FINRA: Former Truist Broker Last Based in Savannah, Georgia
T. Sloan Thompson launched his career as a broker when he joined Wheat First Securities in 1995. His career has included tenures at a variety of firms, including Merrill Lynch and BB&T Securities. He joined his most recent member firm, Truist Investment Services, in 2021, working at its Savannah, Georgia office until 2024. With 28 years of experience as a broker, he has completed four industry exams, including the Series 7 and the Series 65.
Investment Losses? Call MDF Law to Discuss Your Options
Did you lose money you couldn’t afford to lose on investments recommended by T. Sloan Thompson? You may have grounds to file a FINRA arbitration claim to recover damages. Having secured tens of millions in recoveries for our clients, MDF Law takes cases on contingency: you only pay a fee if you win. Call 800-767-8040 for a free consultation today.