Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

1779287606 Law
May 20, 2026
FINRA Sanctions Ameriprise for Supervisory Failures in Variable Annuity Exchanges

The Financial Industry Regulatory Authority (FINRA) has fined Ameriprise Financial Services and ordered restitution to resolve allegations that the firm failed to adequately supervise certain variable annuity exchange recommendations.

1779216500 Law
May 19, 2026
SEC Fines Ally Invest Advisors Over Undisclosed Robo-Advisor Conflict

The Securities and Exchange Commission (SEC) imposed a $500,000 penalty on Ally Invest Advisors after finding that the firm failed to disclose a material conflict of interest tied to its Cash-Enhanced robo-advisor accounts.

1779206639 Law
May 19, 2026
Federal Court Upholds FINRA's Authority in Alpine Securities Challenge

A federal court has rejected a broad constitutional challenge to the authority of the Financial Industry Regulatory Authority (FINRA), delivering a significant victory for the self-regulator and reinforcing its enforcement framework.