History Of Thomas Barone
In connection with the misconduct described herein, in August 2019, the Louisiana
Department of Insurance revoked Barone’s insurance license and fined him $1,000
Barone first became registered with FINRA in June 2015 as an Investment Company and
Variable Contracts Products Representative with NYLIFE Securities LLC. On January
16, 2019, the firm filed a Uniform Termination Notice for Securities Industry
Registration (Form U5) terminating his registration and disclosing that he voluntarily
resigned from the firm after a customer alleged that a life insurance application was
submitted without the customers’ authorization, consent or signature. Although Barone is
not currently associated with a member firm, FINRA retains jurisdiction over him
pursuant to Article V, Section 4 of FINRA’s By-Laws
Thomas Barone Report
FINRA opened an investigation into this matter after receiving the January 16, 2019
Form U5 referenced above.
FINRA Rule 2010 requires associated persons to “observe high standards of commercial
honor and just and equitable principles of trade.” Forgery and falsification of documents
violate FINRA Rule 2010. Settling or attempting to settle a loss or complaint away from,
and without the knowledge or approval of, one’s employing member firm also violates
FINRA Rule 2010.
Check out the report for: Santander Investment Securities Inc
In or around March 2017, Barone forged the signatures of an insurance customer and his
wife on an application for a whole life insurance policy. In or around May 2017, when
the policy went into effect, Barone signed the customer’s signature to a policy illustration
document and receipt form. The policy illustration included disclosures of the policy
terms, rider details, coverage amount, and premiums owed. Barone also signed the policy
receipt form as agent, falsely certifying that he had delivered the signed application and
policy illustration to the customer. Barone signed the forms with the mistaken
understanding from another registered representative in his office that he had permission
from the customer to sign on their behalf. Barone received approximately $3,200 in
upfront and trailing commissions as a result of the sale.
In or around September 2018, the customer complained that the policy had not been
authorized and wanted to be repaid for the premium payments, which had been
automatically debited from his account. To settle the complaint, Barone paid $10,000
without the firm’s knowledge or approval.
Firm policies prohibited the signing of a customer’s name to any document related to the
sale of a securities or insurance product, regardless of whether the customer authorized it.
Firm policies also required Barone to forward all complaints to the firm’s Compliance
Department, which Barone failed to do.
In November 2018, the firm commenced an investigation. During the investigation,
Barone falsely denied forging any of the documents. The firm later settled fully with the
Therefore, Barone violated FINRA Rule 2010.
Penalties, Punishments & Sanctions
a four-month suspension from association with any FINRA member firm in any capacity; and a $5,000 fine.
The fine shall be due and payable either immediately upon reassociation with a member
firm or prior to any application or request for relief from any statutory disqualification
resulting from this or any other event or proceeding, whichever is earlier.
Respondent specifically and voluntarily waives any right to claim an inability to pay, now
or at any time after the execution of this AWC, the monetary sanction imposed in this
Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is defined
in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of the
Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.
The sanctions imposed in this AWC shall be effective on a date set by FINRA.
Thomas Barone Review
In 2017, while registered with NYLIFE, Barone forged certain signatures on a whole life
insurance policy application and two related documents in violation of FINRA Rule. After the alleged policy owner complained, Barone settled the complaint without
the firm’s knowledge or approval, separately violating FINRA Rule 2010.
How To Spot A Fraud Finance Advisor (Infographic)
Help For Victims Of Thomas Barone
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Thomas Barone. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Read also: Gibson Capital
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
Thomas Barone has been involved in fraudulent activities and is an unsafe professional entity. We strongly recommend you avoid any association with such a shady figure.
- Shady Activity
- Swindling Activity Reported By Clients
- Under Govt. Organization's Radar
- High Risk of Fraud