Colorado Places Fulcrum Stockbroker On Heightened Supervision
Athanasios Tomaras (also known as Thanasi Tomaras) of Oldsmar Florida a stockbroker formerly employed by Fulcrum Securities LLC and Fulcrum Advisory Services LLC is referenced in a Stipulation and Consent Licensing Order issued by Colorado Division of Securities in which Tomaras was placed on heightened supervision founded on allegations of customer disputes and regulatory infractions alleging Tomaras’ bad sales practices in the securities industry. Case No. 2019-CDS-015 (June 13, 2019). Tomaras has been disallowed from engaging in certain activities including placing trades in customer accounts on a discretionary basis.
Tomaras has been identified in five customer initiated investment related disputes pertaining to accusations of his wrongdoing while employed by Fulcrum Securities and Morgan Stanley Smith Barney. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer filed an investment related complaint regarding Tomaras’s conduct where the customer sought $17,000.00 in damages supported by allegations that unauthorized transactions were executed in the customer’s account when Tomaras was associated with Morgan Stanley.
Tomaras is also the subject of a customer initiated investment related written complaint in which the customer requested unspecified compensation based upon accusations that investment recommendations which were made to the Morgan Stanley Smith Barney customer by Tomaras had failed to be suitable and had caused the customer to experience losses on over-the-counter equities.
Another customer initiated investment related complaint concerning Tomaras’s conduct was resolved for $35,000.00 in damages founded on allegations that Florida Securities Act and FINRA Rule 2110 had been violated by Tomaras as it pertained to the customer’s penny stock transactions at Fulcrum Securities. According to the claim, the customer sustained losses from Tomaras’s negligence and violation of an agreement between the customer and Fulcrum Securities. The claim also alleges that a fiduciary duty that was owed to the customer had been breached by the stockbroker.
On April 6, 2016, another customer initiated investment related complaint in reference to Tomaras was settled for $25,000.00 in damages supported by accusations that investment instructions had been disregarded by the stockbroker and that the customer’s investment account had been overconcentrated in speculative energy sector securities which poorly performed. FINRA Arbitration No. 15-00858. According to the claim, Tomaras engaged in unsuitable trading of common and preferred stock and over-the-counter equities causing the customer to incur unjustified losses.
Tomaras has also been identified in a customer initiated investment related arbitration claim which was resolved for $14,999.00 in damages based upon allegations of Tomaras placing the customer in unsuitable oil and gas securities as well as over-the-counter equities during the time that Tomaras was associated with Fulcrum Securities. FINRA Arbitration No. 16-02962 (Sept. 24, 2017).
Tomaras’s employment with Fulcrum Securities was terminated on March 21, 2016. He has been registered with RF Lafferty Co. Inc since October 16, 2015.