A Portage Michigan stockbroker Christopher Thomas Tolmacs (Chris Tolmacs) registered with Triad Advisors Inc. was subject to customer-backed investment-related arbitration where the customer was awarded damages of $95K. The allegations included i) the client was made part of a bad alternative investment in BDC and ii) the funds provided to Tolmacs was not repaid. The business development company, also known as BDC, was placed in an alternative investment along with another customer in equipment and leasing securities. The money loaned to the BDC and customer was linked to Tolmacs which was associated with Triad associated was not repaid per the Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01037, February 19, 2019)
In January 2017, when the Triad Advisors employed Tolmacs, he resolved an issue of $190,000 damages that were found on a claim of unauthorized issue of funds of the customer. Tolmacs has been pointed to ten more customer-related disputes that were concerned with his misconduct when he was employed at Harbinger Financial Group Inc.
On August 21, 2017, an arbitration claim was settled for $51,000 which was subject to Tolmacs for providing lousy investment advice by the stockbroker the products of business development company accompanying the fixed annuity and exchange-traded funds with the retirement plan of customer says the FINRA Arbitration No. 16-03570.
Tolmacs was liable for defrauding his customers through unbidden funds for an inapt lending agreement. Regarding this customer was awarded for $1,200,000 ($1.2 million) in compensation damage and $300,00 in punctuation damage. Tolman’s attitude violated the securities act 1934 according to the FINRA attribution award.
Later on, panels review found that the stockbroker had transformed the consumers’ funds and that’s a binding precedent that was owed to the consumer had been breached by Tolmacs.
FINRA Arbitration No. 18-02488 reports say that on August 22, 2018, another misconduct by Tolmacs with the customers was resolved. In this issue, Tolmacs used assets of the customers unlawfully after the acquisition when he was linked with the triad advisors.
By the Letter of Acceptance Waiver and Consent No. 2016048966301 (March 10, 2016) Tolmacs was excluded from affiliating with any member of FINRA in any manner based on performance because he chose not to cooperate with the regulator and others while his investigation process of the allegations against his misconducts with the customer funds and misrepresentation for lending arrangements.
Tolmacs was called to provide documentation and all information regarding his allegations by the FINRA personnel during the investigation held in 2016. According to AWC, Stockbroker provided insufficient information and documentation on their request. Along with this, he also neglected to testify for FINRA personnel. Later on, the regulator was informed about the refusal of further cooperation in an investigation by Tolmacs and was found guilty for not following the rules of FINRA 2010 and 8210.
In March 2018, for not complying with a customer-initiated investment that was related to the FINRA attribution award, a Tolmac by sanctioned by FINRA.