Wilmington Capital Broker Fined For Outside Business Activities
Thomas John Lisa Jr. of New York New York a stockbroker currently employed by Wilmington Capital Securities LLC has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Lisa’s consent to findings that he engaged in an outside business activity without disclosing it to Wilmington Capital Securities LLC. Letter of Acceptance Waiver and Consent No. 2017054989701 (Feb. 15, 2019).
According to the AWC, from June of 2012 to July of 2017, Lisa owned and controlled businesses BW and AI. Apparently, Lisa formed AI in May of 2005, and the business was a going concern until 2016. Apparently, Lisa never informed his brokerage firm employers at that time, Forefront Capital Markets LLC and Wilmington Capital Securities, about his involvement with AI. The AWC stated that Lisa formed BW in September of 2016. Evidently, Wilmington Capital Securities LLC had not been provided any notification from Lisa in advance of Lisa’s participation in BW’s activities. FINRA found Lisa’s undisclosed outside business activities to be violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that Lisa is referenced in two customer initiated investment related disputes containing allegations of his violative conduct during the time that he was associated with Maxim Group LLC. Specifically, on February 4, 2003, a customer filed an investment related complaint regarding Lisa’s conduct where the customer requested $15,000.00 in damages founded on accusations that unauthorized stock trades were effected in the customer’s account. Then, a customer initiated investment related arbitration claim involving Lisa’s conduct was resolved for $45,000.00 in damages based upon allegations that Lisa excessively traded in the customer’s account, effected trades without the customer’s permission, and executed over-the-counter equities that were in no way suitable for the customer. FINRA Arbitration No. 08-00204 (Nov. 11, 2008).