Did you lose money investing with Thomas Sullivan (CRD# 1145000)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Thomas Sullivan. If you suffered losses investing with Thomas Sullivan, 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 June 30, 2020, Thomas Sullivan’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 6/30/2020: According to FINRA’s December 2019 Disciplinary Actions: Alexander Capital, L.P. (CRD® #40077, New York, New York) and Thomas Francis Sullivan (CRD #1145000, Floral Park, New York) October 31, 2019 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $45,000, and Sullivan was fined $5,000, suspended from association with any FINRA® member in any financial and operations principal (FINOP) capacity for one month and required to requalify by examination as a FINOP. Without admitting or denying the findings, the firm and Sullivan consented to the sanctions and to the entry of findings that the firm conducted a securities business while failing to maintain its minimum net capital requirement. The findings stated that as the firm’s FINOP, Sullivan was responsible for, among other things, calculating the firm’s net capital and maintaining the accuracy of its general ledger, trial balance and balance sheet. Sullivan misclassified receivables in part because he failed to take reasonable steps to understand the nature of these receivables. The firm, acting through Sullivan, failed to correctly classify certain receivables as non-allowable, including referral fees from an affiliated fund and other investment banking fees the firm had not yet received. The findings also stated that Sullivan caused the firm’s books and records to be inaccurate. Sullivan was responsible for the accuracy of the firm’s Financial and Operational Combined Uniform Single (FOCUS) reports. Due to its misclassification of certain receivables and failure to use the correct minimum required net capital the firm failed to prepare accurate net capital computations and submitted inaccurate FOCUS reports. Due to its failure to properly record a liability arising from an SEC administrative proceeding, the firm maintained an inaccurate general ledger and failed to prepare accurate net capital computations. The findings also included that the firm made a material change in its business operations by participating in firm commitment offerings without receiving approval from FINRA to do so. The firm’s membership agreement did not permit it to participate in firm commitment offerings. The suspension is in effect from November 18, 2019, through December 17, 2019. (FINRA Case #2016047616401)
Current and Previous Registrations
03/17/2015 – PRESENT ARIVE CAPITAL MARKETS (CRD#:8060) BROOKLYN, NY
04/07/2014 – PRESENT ALEXANDER CAPITAL, L.P. (CRD#:40077) NEW YORK, NY
05/02/2013 – 08/30/2013 LPS PARTNERS INC. (CRD#:155246) NEW YORK, NY
03/27/2012 – 04/25/2013 ATON SECURITIES INC. (CRD#:156377) NEW YORK, NY
01/03/2012 – 03/07/2014 MCCRACKEN ADVISORY PARTNERS CORPORATION (CRD#:35533) MINNEAPOLIS, MN
09/28/2011 – 12/22/2011 U.S. SECURITIES, INTL. CORP. (CRD#:11238) NEW YORK, NY
09/24/2004 – 05/25/2007 M.J. WHITMAN LLC (CRD#:122481) CLIFTON PARK, NY
09/03/1998 – 09/23/2004 TRADITION ASIEL SECURITIES INC. (CRD#:28269) NEW YORK, NY
08/03/1998 – 09/30/2004 TRADITION (GLOBAL CLEARING) INC. (CRD#:42813) NEW YORK, NY
03/15/1995 – 07/31/1998 SAKURA SECURITIES (U.S.A.), INCORPORATED (CRD#:23516) CHICAGO, IL
02/23/1994 – 03/16/1995 LEHMAN BROTHERS INC. (CRD#:7506) NEW YORK, NY
06/24/1986 – 04/04/1989 WERTHEIM SCHRODER & CO. INCORPORATED (CRD#:6112) NEW YORK, NY
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 Sullivan 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.
