Moloney Securities Sued By Investors For Fraud
Thomas G. Gresham (also known as Tom Gresham) of Overland Park Kansas a stockbroker currently registered with Moloney Securities Co. Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $495,000.00 in damages founded on accusations that (1) Moloney Securities Co. and UBS Financial Services Inc. collectively failed to supervise the transactions effected in the customer’s investment account (2) a fiduciary duty owned to the customer had been breached (3) the customer’s investment transactions had been negligently administered (4) trades were placed the customer’s investment account on an unsuitable and excessive basis and (5) the customer had been defrauded with respect to the customers’ investments in equities and oil and gas limited partnership interests. Financial industry Regulatory Authority (FINRA) Arbitration No. 17-033336 (Mar. 4, 2019).
FINRA Public Disclosure reveals that Gresham has been identified in thirteen more customer initiated investment related disputes containing allegations of Gresham’s misconduct during the time that Gresham was associated with securities broker dealers including UBS Financial Services, Wells Fargo Advisors LLC and Moloney Securities Co. Inc.. In particular, Gresham is referenced in a customer initiated investment related arbitration claim where the Arbitration Panel ordered Gresham to pay $175,000.00 in compensatory damages based upon accusations of Gresham being liable on the customer’s claims of negligence; breach of fiduciary duty; suitability; fraud; and violation of Kansas Securities Act in regard to the inappropriate mutual fund and stocks held in the customer’s retirement and trust accounts.
Then, on October 30, 2015, five customer initiated investment related complaints involving Gresham’s conduct were settled for a total of $655,000.00 in damages supported by allegations of the violation of securities laws; breach of fiduciary obligations owed to the customers; the firm’s failure to supervise the common or preferred stock trades placed in the customers’ accounts; and unsuitable investment recommendations that were made to the customers which caused them to incur investment losses.
Moreover, a customer initiated investment related arbitration claim involving Gresham’s conduct was resolved for $55,000.00 in damages founded on accusations that Gresham placed the customer in inappropriate energy-sector investments, including master limited partnerships, oil and gas products, stocks and over-the-counter equities which led the customer to experience unwarranted investment losses. FINRA Arbitration No. 15-00633 (Mar. 24, 2016).
Moreover, Gresham is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $300,000.00 in compensatory damages based upon the Arbitration Panel having found Moloney Securities Asset Management LLC and Moloney Securities Co. Inc. liable on the customer’s claims including violations of Securities Exchange Act of 1934 Section 10(b), Securities Exchange Commission (SEC) Rule 10b-5 and Missouri Securities Act; breach of contract; failure to supervise; misrepresentation; negligence; omissions; unsuitability; and breach of fiduciary duty. FINRA Arbitration No. 17-01666 (Oct. 10, 2018). According to the Award, the customer was placed into aggressive and speculative securities including energy and limited partnerships, overconcentrating the customer’s accounts in manner which conflicted with the customer’s objectives for investing.
Gresham has been employed by Moloney Securities Co. Inc. since July 10, 2012.