Thad Allen, Smith Moore Broker, Involved in Dispute

Thad Allen (CRD# 5644772[1]), a broker registered with Smith Moore & Company, removed funds from a customer’s account to pay a third party, according to an investor dispute. MDF Law is investigating the Topeka, Kansas-based financial professional for similar conduct. If you have concerns about investments in your accounts, call us for a free consultation with an attorney.

To learn more about the allegations against Mr. Allen, continue reading this post. The information contained herein is based on an October 31, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.

Pending Dispute Alleges Removal of Funds

On August 22, 2024, an investor lodged a dispute involving Mr. Allen. The dispute alleges that funds were removed from the client’s account “to purchase gold to [sic] a third party.” The dispute, which is still pending, seeks $172,000 in damages.

In Statement, Broker Denies Allegations

A “Broker Statement” appended to the above-described claim’s disclosure includes more information about the allegations.It describes a “separate version of the complaint” filed with FINRA. In this version, the customer that Mr. Allen “conspired with his brother… to induce the customer into transferring funds to a third party silver broker.” The funds were intended for the purchase of silver bars and coins, however, the customer alleges that they “never received” these. The statement concludes by describing Mr. Allen’s denial of the allegations.

Past Dispute Alleged Unsuitable Mutual Fund

On February 18, 2022, an investor lodged a dispute alleging that Mr. Allen placed funds “earmarked for the purchase of a new home” in a mutual fund investment “that was not low risk or conservative.” The claim alleges further that the investment suffered a loss. Mr. Allen’s former member firm settled the dispute for $7,802.82.

What Is Smith Moore & Company?

As his BrokerCheck profile reflects, Mr. Allen is registered with Smith Moore & Company. The firm’s website[2] includes a section outlining its approach to maintaining its customers’ financial peace of mind. “We recognize that you have unique goals that you are passionate about achieving,” this section reads. “That’s why your financial advisor forms a personal relationship with you to gain a firm understanding of your goals. From there, your advisor will implement a strategy to help you build toward the financial future you have in mind.”

FINRA: Broker Based in Topeka, Kansas

Mr. Allen started his career as a broker in 2009, when he joined Edward Jones’ office in Topeka, Kansas. He remained at the firm until 2022, when he departed for Smith Moore & Company’s Topeka branch. With 15 years of experience as a broker, he has completed three industry exams, including the Series 66 and the Series 7. 

Complaints about Thad Allen? MDF Law May Be Able to Help

Current or former Thad Allen clients with concerns about their accounts may be able to recover losses. Call MDF Law to discuss whether a FINRA arbitration proceeding is appropriate for your case. Our lawyers have proven experience recovering millions of dollars for their clients, and we offer free consultations nationwide. Your time to file a claim may be limited, so call 800-767-8040 to chat with an investment fraud attorney[3] today.