Former LPL Advisor Created Fraudulent Bank Account To Steal $1.3 Million From Customer

Posted on June 15th, 2023 at 11:01 AM

From the desk of Jim Eccleston at Eccleston Law 

The Securities and Exchange Commission (SEC) filed a complaint accusing Patrick N. Thayer of stealing $1.3 million from a customer.

The SEC alleged that Thayer created a bank account in his client’s name but under his own business address. From 2013 to 2023, Thayer transferred money each month from the customer brokerage funds to the outside account controlled by him. According to the complaint, Thayer used the customer’s funds to pay his mortgage, car loans, credit card expenses and purchased a “tiny house” in Colorado for a family member. 

According to the Warren County prosecutor’s office, Thayer was indicted and criminally charged with securities fraud, aggregated theft, telecommunications fraud, and identity fraud. Thayer agreed to a partial settlement in which he agreed to an order barring him from engaging in future violations and to pay any monetary relief ordered by the court at a future date, without admitting or denying the allegations. Additionally, the Financial Industry Regulatory Authority (FINRA) barred Thayer in February for failing to respond to the regulator’s requests for information, according to AdvisorHub.

 

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

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

February 26, 2026
The Quiet Crossroads Facing Mid Career Financial Advisors

According to Financial Advisor News, mid life transitions rarely look dramatic in the financial advisory world.

February 26, 2026
FINRA Bars Former Cambridge Advisor After Refusal to Cooperate With Communications Probe

A former advisor affiliated with Cambridge Investment Research has been barred from the securities industry after declining to comply with a regulatory investigation, according to the Financial Industry Regulatory Authority (FINRA).

February 25, 2026
Advisors Increase Crypto Allocations as Merrill Lynch Warns of Significant Risks

Financial advisors are placing more client assets into digital currencies, even as major firms caution investors about the asset class's volatility and speculative nature.