FINRA has barred Robert Wayne Thompson, a Houston broker with more than four decades in the securities industry. He refused to provide information in an investigation into allegations that he misappropriated more than $2.3 million from a customer.
What happened
Thompson, who is known professionally as Bob Thompson, settled the case through a Letter of Acceptance, Waiver, and Consent docketed as AWC No. 2025088064301. FINRA’s enforcement staff had requested information and documents from him under Rule 8210 as part of a review into the allegations.
Rule 8210 requires brokers to cooperate with FINRA investigations. The settlement letter states that Thompson refused to provide the requested materials, and refusing to cooperate with an 8210 request is itself a violation that typically ends a career.
The settlement bars Thompson from associating with any FINRA member firm in any capacity. He accepted the sanction without admitting or denying the regulator’s findings.
The lawsuit behind the FINRA investigation
The investigation traces back to a civil suit filed in October 2025 in the District Court of Dallas County, Texas, under case number DC-25-19289. The suit alleges Thompson diverted money awarded to a customer as damages from a commercial vehicle event, moving it to his own use between September 2023 and August 2025.
The customer seeks $2,325,953 in damages, and the case remains pending. The allegations relate to real estate and investment advisory services.
The suit prompted Thompson’s firm to act. The O.N. Equity Sales Company terminated him on October 28, 2025, after receiving the complaint.
In its termination disclosure, the firm reported that the lawsuit alleged Thompson misappropriated funds from a customer. He allegedly acted as power of attorney without firm consent and set up multiple shell companies designed as undisclosed outside business activities.
Key facts in the Robert Thompson case
| Case detail | Figure |
| Broker | Robert Wayne Thompson, CRD 713539 |
| Firm | The O.N. Equity Sales Company, Houston, Texas |
| Damages sought in lawsuit | $2,325,953 |
| Alleged diversion window | September 2023 to August 2025 |
| Termination date | October 28, 2025 |
| FINRA settlement | AWC No. 2025088064301 |
| Sanction | Bar in all capacities |
His BrokerCheck record shows two customer complaints between 2003 and 2025, including the pending Dallas County suit.
A 42-year career across five firms
Thompson entered the securities industry in the early 1980s and built a long registration history before the allegations ended it. His CRD report lists affiliations at firms spanning four decades.
| Firm | Registration period |
| Equico Securities | 1980 to 1984, then 1987 to 1990 |
| Walnut Street Securities | 1990 to 2011 |
| W. Cole Financial | 2011 to 2013 |
| United Planners’ Financial Services | 2013 to 2014 |
| The O.N. Equity Sales Company | January 2015 to October 2025 |
He also held affiliations with ON Investment Management Company, a registered investment adviser, Ohio National Financial Services, and First Texas Alliance Corp, an insurance agency, according to his regulatory record.
Red flags investors should recognize
The alleged pattern in this case matches the misappropriation blueprints that recur across FINRA enforcement actions. Each element removed a layer of protection around the customer’s money.
- Power of attorney without firm consent: an advisor who controls a client’s finances through POA bypasses the checks a firm and a bank would otherwise provide.
- Shell companies as outside business activities: customer money routed to entities the advisor controls is the most common diversion channel FINRA encounters.
- Settlement funds as the target: court awards and insurance proceeds often sit in non-standard accounts, which makes unusual transfers harder for compliance systems to flag.
What affected investors can do now
Investors who worked with Thompson at The O.N. Equity Sales Company between 2015 and 2025 can pull complete transfer records and any power of attorney documents tied to their accounts. Anyone who moved settlement proceeds or insurance awards through Thompson-linked accounts should request written confirmation of every wire.
Under FINRA rules, member firms are responsible for supervising their registered representatives. That supervisory duty gives affected customers potential recovery paths against the firm as well as the individual broker.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis: no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in misappropriation cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
- Main Phone: 1-888-885-7162
- website for a free consultation
Offices in Florida, New York, Arizona, Texas, and North Carolina. Former Wall Street defense attorneys with 95+ years of combined experience. No recovery, no fee.
