Donald Toomer – Investor Alert
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with Donald Toomer. If you suffered losses investing with Donald Toomer, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
Donald Toomer (CRD# 2842723)
As of January 13, 2017, Donald Toomer’s FINRA BrokerCheck Report contains the following:
Permanently Barred!
FINRA has permanently barred this individual from acting as a broker or otherwise associating with firms that sell securities to the public.
Disclosure Events
0 Customer Dispute(s)
1 Regulatory Event(s)
5/12/2016
FINRA
Sanctions: Bar (Permanent)
Sanctions: Monetary Penalty other than Fines ($1,280.24)
Sanctions: Toomer is also ordered to pay hearing costs of $1,280.24.
Allegations: Respondent Toomer failed to respond to FINRA request for information.
0 Investigation(s)
1 Employment Separation After Allegations
12/21/2015
Wells Fargo Advisors Financial Network LLC
Voluntary Resignation
Allegations: ALLEGATIONS THAT TOOMER VIOLATED THE ANTIFRAUD PROVISION OF THE FEDERAL SECURITIES LAWS.
1 Criminal Disclosure(s)
12/21/2015
FELONY – CONSPIRACY TO COMMIT SECURITIES FRAUD AND INVESTMENT ADVISER FRAUD
FELONY – INVESTMENT ADVISER FRAUD
FELONY – SECURITIES FRAUD
0 Financial Disclosure(s)
1 Civil Disclosure(s)
12/21/2015
United States Securities and Exchange Commission
Allegations: SEC Press Release 2015-286/December 21, 2015: The SEC amended its complaint to additionally name Donald Toomer Jr., a Las Vegas-based financial advisor who allegedly agreed to buy shares of three microcap stocks in client accounts in exchange for hundreds of thousands of dollars in cash kickbacks. The SEC alleges that Toomer abused his role as a financial advisor to help create the false appearance of market demand in these stocks and facilitate the pump-and-dump scheme. The SEC’s amended complaint charges Toomer with violations of the antifraud provisions of the federal securities laws. These fraudulent schemes generated profits of approximately $13 million for another respondent and his entity. As agreed, the other respondent and his business partner paid Toomer kickbacks of hundreds of thousands of dollars, which Toomer described as equaling approximately 10 percent of the price of an Issuers’ stock purchased by Toomer on behalf of his clients. The complaint alleges that Toomer violated Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and 10b-5(c).
0 Judgment(s)/Lien(s)
Previous Registrations
09/16/2005 – 12/23/2015 WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (CRD#:11025) – LAS VEGAS, NV
06/21/2001 – 09/23/2005 RBC DAIN RAUSCHER INC. (CRD#:31194) – NEW YORK, NY
10/22/1999 – 06/22/2001 PRUDENTIAL SECURITIES INCORPORATED (CRD#:7471) – NEW YORK, NY
03/25/1999 – 11/03/1999 SUTRO & CO. INCORPORATED (CRD#:801) – SAN FRANCISCO, CA
02/26/1999 – 03/22/1999 SUTRO & CO. INCORPORATED (CRD#:801)
02/18/1997 – 03/10/1999 PAINEWEBBER INCORPORATED (CRD#:8174) – WEEHAWKEN, NJ
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with Donald Toomer and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.