CEO of Defunct Broker-Dealer Faces Fraud Charges

Posted on November 8th, 2021 at 1:42 PM
CEO of Defunct Broker-Dealer Faces Fraud Charges

From the Desk of Jim Eccleston at Eccleston Law:

The former CEO of First American Securities, Thomas Brenner, is facing seven federal fraud charges related to sales of private placement securities after the firm was barred. The Financial Industry Regulatory Authority (FINRA) barred the Ohio-based First American Securities in 2017 after the firm failed to pay at least $300,000 in fines and disgorgement of commissions pertaining to the sale of fraudulent private placement securities, according to BrokerCheck. 

According to the Department of Justice (DOJ), Brenner allegedly convinced several of his clients to invest in private placements, which supposedly financed medical laboratory equipment. However, Brenner misappropriated his clients’ money to cover taxes and fund large purchases related to racecars. Brenner faces seven charges including mail fraud, wire fraud, securities fraud, and engaging in a monetary transaction in property derived from criminal activity. The Securities and Exchange Commission (SEC) filed suit against five individuals as well as Brenner in 2018 over an alleged $102 million Ponzi scheme, which defrauded at least 600 investors. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, ceo, fraud charges

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