Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Broker Patrick Thayer Under Regulatory Suspension After Allegations of Stealing Client's Funds

Previously Registered LPL Financial and Parkland Securities Broker Accused of Misappropriating Client Funds

Previously registered broker Patrick Noel Thayer has been suspended by the Financial Industry Regulatory Authority (FINRA) after allegations that he misappropriated client funds. It is alleged that over $1 million was stolen from at least one client’s account after he set up a fraudulent bank account and transferred money out of her account for his own personal use. 

At Meyer Wilson, we provide dedicated representation for investors who have suffered devastating financial losses as a result of stockbroker fraud or misconduct. To date, we have recovered over $350 million on behalf of harmed investors nationwide. If you invested with Patrick Thayer or another broker suspected of misconduct, contact our office at (614) 532-4576 to schedule a free consultation. 

Customer Disputes Filed Against Patrick Thayer

Patrick Noel Thayer, a previously registered broker with Parkland Securities and LPL Financial, has been suspended by FINRA after he refused to comply with their investigation after allegations that he misappropriated client funds. According to this BrokerCheck report, two customer disputes have been filed against the broker. 

The first alleges that while acting as an advisor with Parkland Securities, LLC from 2014-2020, Thayer misappropriated funds. Alleged damages in the case total $1.3 million. The dispute is currently pending.

The second dispute alleges that Thayer misappropriated funds from a client’s account while acting as an advisor with LPL Financial LLC. The alleged stealing occurred from January 2, 2019, until September 28, 2022. Alleged damages in the case amount to $45,250. The dispute is also pending.

Regulatory Findings Against Thayer

FINRA has suspended Patrick Noel Thayer from acting as a broker in any capacity as of December 12, 2022. The suspension is indefinite as a result of Thayer failing to respond to requests for information from the regulator. 

If Thayer does not comply with requests for information within three months of the date the Notice of Suspension was issued, he will be automatically barred from associating with any member firm in all capacities on February 21, 2023.

What to Do If You Suspect Investment Fraud

If you suspect that your broker engaged in negligence or misconduct, you should contact an investment fraud lawyer immediately. Depending on the situation, you might be entitled to recovery for your losses. 

An attorney can help determine the best course of legal action including whether to pursue arbitration or litigation. Common forms of stockbroker misconduct include making unsuitable recommendations, misappropriation of client funds, and unauthorized trading.

Did You Sustain Losses Due to Broker Misconduct?

If you suffered losses after investing with Patrick Thayer or another broker accused of wrongdoing, contact our office at (614) 532-4576 to schedule a free, no-obligation consultation.

Cases are handled on a contingency fee basis meaning you pay no fees unless money is recovered on your behalf. We represent investors nationwide; call now to speak directly with a qualified investment fraud lawyer. 

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram