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

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

1780676353 Law
June 5, 2026
Redemption Pressure Mounts Across Private Credit and Non-Traded BDC Market

Investors continued pulling money from private credit and nontraded business development companies ("BDCs") during the first quarter of 2026 as concerns about liquidity and portfolio valuations intensified across the sector, according to reporting by InvestmentNews.

1780588152 Law
June 4, 2026
Former Wells Advisor Alleges Age Discrimination

A former Wells Fargo senior private client financial advisor in Wisconsin has filed a federal lawsuit alleging the firm terminated him because of his age rather than an alleged workplace profanity incident.

1780507151 Law
June 3, 2026
Starwood REIT Suspends Most Redemptions Amid Liquidity Pressure

Starwood Real Estate Income Trust (SREIT) has announced a temporary suspension of its share repurchase program for most investors.