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 am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

1794418115 Law
November 11, 2026
Morgan Stanley Develops AI Super Agents to Build Portfolios and Manage Client Accounts

Morgan Stanley is developing AI-powered "super agents" that could eventually build investment portfolios, manage client accounts and handle many of the routine tasks that wealth management professionals perform today.

1794338007 Law
November 10, 2026
SEC Accuses Crypto Investment Scheme of Raising $130 Million Through Fake Approval Claims

The SEC has charged two entities with operating a cryptocurrency investment scheme that raised more than $130 million from tens of thousands of retail investors.

1794251609 Law
November 9, 2026
Court Restrains Former Citizens Advisor From Using His Memory to Recreate Customer Names in Transition to Ameriprise

A federal judge in Boston has temporarily barred former Citizens Securities advisor Darrell Smith from using client names he recalled from memory to contact former customers after moving to Ameriprise Financial.