Thomas Hamlin Allegedly Sold Unsuitable iCap Investments
Thomas Hamlin (CRD# 2208505), a broker registered with Somerset Securities, recommended unsuitable investments in iCap Equities, according to investor disputes. MDF is investigating the Portland, Oregon-based financial professional for similar conduct. If you suffered losses in your accounts, contact us for a free consultation.
To learn more about the investor disputes involving Mr. Hamlin, continue reading. This post is sourced from his Financial Industry Regulatory Authority (FINRA) BrokerCheck profile, accessed on October 9, 2024.
Firm Settles iCap Equity Disputes
Between September 2023 and September 2024, nine parties of investors filed disputes involving Mr. Hamlin. All nine disputes alleged that he recommended unsuitable investments in iCap Equities, which later filed for bankruptcy. His member firm settled eight of the disputes for a total of $476,859. The ninth dispute, which is still pending, seeks $650,000 in damages.
Thomas Hamlin Issues Statement about Allegations
Mr. Hamlin issued identical statements regarding the eight settled disputes, according to his BrokerCheck report. In this “Broker Comment,” he denied the allegations, asserting that they were “resolved early to avoid the significant costs.” He added that the claimants were “sophisticated, accredited” investors with diversified portfolios, suggesting that the investment performed poorly due to market shifts and other factors. “The matter settled without any admission of liability or fault by the Representative or firm,” he wrote.
Was iCap Equity a Ponzi Scheme?
On March 26, 2024, the Seattle Times published an article reporting that the FBI appeared to have begun investigating iCap. According to the article, iCap is a Bellevue, Washington-based real estate firm that “raised money from investors in Washington state and elsewhere, promising to invest in Seattle-area real estate projects.” In the spring of 2023, however, the company’s monthly interest payments to investors came to a halt, and in the fall it filed for bankruptcy. After a restructuring firm took over management during the bankruptcy process, according to the article, it concluded that iCap may have been a Ponzi scheme. Attorneys representing iCap’s former CEO later disclosed that both the FBI and the SEC “recently opened a criminal investigation” into the company. Bankruptcy filings also note that the company “owes 1,800 investors and other entities a total of $250 million,” per the Seattle Times.
FINRA: Broker Based in Portland, Oregon
Thomas Hamlin started his career as a broker in 1992. That year, he registered with Advantage Capital in Atlanta, Georgia. Over the subsequent decades, he worked with firms like Prudential Securities and Raymond James Financial Services. He joined Somerset Securities in 2013 and has remained there since, based at the firm’s office in Portland, Oregon. With 32 years of experience as a broker, he has completed eight industry exams, including the Series 65 and the Series 7.
iCap Equity Losses? Call MDF Law Today
If you have lost money on iCap Equities investments recommended by Thomas Hamlin, you may have recovery options. MDF Law’s dedicated investment fraud attorneys have significant experience advocating for investors through the FINRA arbitration process, securing millions in recoveries. We take cases on a contingency basis, meaning you only pay if you win—no hourly fees. Call 800-767-8040 for a free consultation today.