Did you lose money investing with Thomas Gallo (a/k/a Tom Gallo) (CRD# 1705791)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Thomas Gallo (a/k/a Tom Gallo). If you suffered losses investing with Thomas Gallo (a/k/a Tom Gallo), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 6, 2020, Thomas Gallo (a/k/a Tom Gallo)’s FINRA BrokerCheck Report contains the following:
Disclosure Events
4 Customer Dispute(s)
3 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2017053921601
UPDATE 10/06/2020: According to FINRA’s April 2019 Disciplinary Actions: “Thomas Anthony Gallo (CRD #1705791, Sea Bright, New Jersey) February 12, 2019 – An AWC was issued in which Gallo was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for 60 days and ordered to pay $33,337, plus interest, in deferred restitution to a customer. Without admitting or denying the findings, Gallo consented to the sanctions and to the entry of findings that he contravened Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 by negligently misrepresenting a material fact in the sale of $100,000 in promissory notes to investors. The findings stated that the purpose of the convertible promissory note offering (private placement) was to provide the company offering the promissory note a bridge loan to finance its operations until it received anticipated long-term financing through a public offering. Gallo’s member firm acted as placement agent on the private placement and Gallo received a total of $8,000 in compensation in connection with the investments. Gallo negligently represented to the investors that the company had a firm commitment offering in place. The misrepresentation was material because the company’s payment of interest on the promissory notes, and each investor’s recovery of their principal investment, depended on the company raising significant capital in the anticipated public offering and/or on the ability of the investors to sell the company stock that they received in connection with the private placement. The public offering for the company was conducted on a best-efforts basis and did not raise the anticipated level of capital. Consequently, the company stock price dropped significantly, and the investors lost approximately $33,337 from the private placement. The suspension is in effect from February 18, 2019, through April 18, 2019. (FINRA Case #2017053921601)
Current and Previous Registrations
05/16/2017 – 04/10/2018 SPARTAN CAPITAL SECURITIES, LLC (CRD#:146251) NEW YORK, NY
06/02/2015 – 05/17/2017 NEWBRIDGE SECURITIES CORPORATION (CRD#:104065) NEW YORK, NY
02/21/2014 – 05/28/2015 CORINTHIAN PARTNERS, L.L.C. (CRD#:38912) NEW YORK, NY
01/14/2010 – 02/21/2014 GARDEN STATE SECURITIES, INC. (CRD#:10083) RED BANK, NJ
09/01/2001 – 03/25/2003 KIRLIN SECURITIES INC. (CRD#:21210) SYOSSET, NY
FINRA expelled the firm on 02/25/2009
12/13/1991 – 09/01/2001 M.S. FARRELL & COMPANY, INC. (CRD#:24232) SYOSSET, NY
04/11/1989 – 12/16/1991 D. H. BLAIR & CO., INC. (CRD#:6833) NEW YORK, NY
07/21/1987 – 05/02/1989 SHEARSON LEHMAN HUTTON INC. (CRD#:7506)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s 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. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Thomas Gallo (a/k/a Tom Gallo) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
