Thomas Edward Brenner, Jr., who at one point worked out of a brokerage firm office in Orrville, Ohio, has been named as a defendant in a federal securities fraud case filed earlier this week by the U.S. Securities & Exchange Commission (SEC).
The case, which was filed in the U.S. District Court for the Southern District of New York, alleges that Brenner; his colleagues Perry Santillo, Christopher Parris and others; and various entities owned or controlled by Santillo and Parris, sold sham investments to 637 investors throughout the U.S. since 2011.
In addition to Brenner, Santillo and Parris, the SEC case also names Defendants Paul Anthony Larocco and John Piccarreto as parties. Also named are entities owned or controlled by Santillo and Parris, including First Nationle Solution, LLC, Percipience Global Corporation, and United RL Capital Services.
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Defendants Santillo and Parris buy or take over books of business of retiring investment professionals from around the country. Then Santillo and Parris, or local sales people, including Defendants Piccarreto, LaRocco, and Brenner, persuade these newly acquired clients —their victims — to withdraw their savings from traditional investments and invest in issuers controlled by Santillo, Parris, or their associates, including Defendants First Nationle, Percipience, and United RL. The bulk of the more than $102 million raised in this fraud was purportedly raised for these three issuers.
However, the SEC states that “any business operations for each issuer appear to be limited or non-existent.” Instead, most of the investor funds were allegedly misappropriated and used to fund Defendants’ lavish lifestyles or, in classic Ponzi scheme style, to pay alleged “redemptions” to earlier investors.
The SEC accuses Brenner of selling securities in Percipience and United RL to Ohio customers. The SEC states that,
“Brenner has been a central figure in Ohio, where Santillo, Parris, and Brenner and potentially others raised at least $8 million from at least 74 investors since Apri1 2013.”
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Regulatory records show that Brenner was registered as a stockbroker from 1986 until 2016. He was suspended for a number of regulatory issues, including making misrepresentations in connection with selling securities. He was then barred from the securities industry after he failed to appear for testimony requested by the Financial Industry Regulatory Authority (FINRA). FINRA is a self-regulatory organization that supervises brokerage firms and their employees.
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From 2011 through 2016, Brenner worked for the brokerage firm First American Securities, Inc. In 2016, First American was accused by FINRA of violating various industry rules relating to the sale of private placements to brokerage firm customers. The regulator ordered First American to pay a fine of $150,000 and disgorge $190,000 in commissions. Although First American initially consented to the order, it failed to comply and was expelled from FINRA in March 2017.
If you lost money as a result of investments with United RL Capital, Percipience Global Corporation, First National Solution, John Piccarreto, Paul Larocco, Christopher Parris, Perry Santillo, Tom Brenner, or any other similar investments, please give the lawyers at Meyer Wilson a call today for a complimentary, no-obligation consultation.
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