Patrick Noel Thayer (also known as Patrick Thayer), previously registered broker and investment adviser in Lebanon, OH, pleaded guilty to securities fraud, agreed to settle parallel investigation conducted by the Securities and Exchange Commission (“SEC”), was reportedly barred by FINRA, and is subject to two customer dispute disclosures alleging misappropriation of funds, according to his Brokercheck Report.
Rosca Scarlato LLC attorney Alan Rosca and his colleagues are investigating the circumstances surrounding Thayer’s guilty plea, SEC settlement, FINRA bar and customer dispute disclosures. Investors who are concerned about their investments with Patrick Thayer may contact Alan Rosca and his colleagues for a free case evaluation or to provide any helpful information by calling 888-998-0530 toll free, emailing arosca@rscounsel.law, or through the contact form found on our website.
Was Patrick Thayer Sentenced?
According to media reports, in June 2023, Thayer was indicted on two counts of securities fraud; one count of aggravated theft; one count of telecommunications fraud; and one count of identity fraud. Thayer was reportedly accused of stealing over $1.3 million from a retail investor.
On August 4, 2023, Patrick Noel Thayer reportedly pled guilty to securities fraud, aggravated theft, and identity fraud, according to Court records filed in the Warren County Court of Common Pleas.
The sentencing hearing for Thayer was reportedly scheduled for October 2, 2023, at 1:00 PM.
Was Patrick Thayer Investigated by the SEC?
According to a litigation release dated June 14, 2023, the SEC charged Patrick Thayer with “misappropriating more than $1.3 million from an advisory client.” Without admitting or denying the allegations, Thayer reportedly consented to a partial settlement, agreeing to pay monetary relief in an amount to be determined by the court.
The Court reportedly entered a Judgment on July 19, 2023, ordering Thayer to pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty to be determined in a motion to be filed by the SEC.
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Is Patrick Thayer Subject to a FINRA Sanction?
According to his Brokercheck Report, in February 2023, Thayer was permanently barred by FINRA in all capacities following his alleged failure to respond to FINRA requests for information.
Was Patrick Thayer Subject to Any Customer Dispute Disclosures?
The Brokercheck report for Patrick N. Thayer currently contains two customer dispute disclosures.
A customer dispute disclosure was reportedly made in March of 2023 (Case #: 23-00401). The claimant alleged misappropriation of funds between 2014 to 2020 and requested $1,300,000 in alleged damages.
Patrick Thayer was allegedly subject to another customer dispute disclosure made in September of 2022. The customer reportedly alleged misappropriation of funds between January 2019 and September 2022, and requested $45,250 in alleged damages.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any Brokercheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog and are the governing materials in case of any inconsistencies or typos in this blog. Readers should note that sometimes brokers may be able to expunge past customer complaints from their Brokercheck record, such that complaints referenced as of the date of this blog may not necessarily be reflected in future versions of the Brokercheck record. While the customer complaints mentioned in the Brokercheck report allege misconduct by Patrick N. Thayer, the Brokercheck report does not appear to indicate whether he was a named party to those customer complaints, or the customers took action solely against the broker-dealer firm(s) that employed him at the time of the alleged conduct. Readers interested to learn more are encouraged to read the Brokercheck report or contact the Rosca Scarlato investor lawyers.
Patrick Thayer Had Been a Registered Broker Since 2010
According to his Brokercheck, Patrick Thayer most recently was registered as a broker with LPL Financial LLC, located in Lebanon, Ohio, from 2020 to 2022.
From 2014 to 2020, Thayer reportedly served as a broker with Parkland Securities, LLC, in its Lebanon, Ohio office. Thayer allegedly was a broker for Sagepoint Financial, Inc., in Lebanon, Ohio, from 2012 to 2014. From 2010 to 2012, Thayer reportedly was employed as a broker with H.D. Vest Investment Services, based in Lebanon, Ohio.
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Potential Compensation Claims for Concerned Thayer Investors
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating circumstances surrounding previously registered broker and investment adviser Patrick Thayer’s alleged misappropriation of funds.
Rosca Scarlato LLC law firm typically represents clients on a contingency fee basis. This means that it advances the case costs and expenses, and fees are only paid from any compensation retrieved for clients. Attorney Alan Rosca, an investment loss lawyer and former adjunct professor of securities regulation, has over 14 years of experience representing investors who have experienced investment loss due to broker misconduct.
Investors who are concerned about their investments with Patrick Thayer may contact attorney Alan Rosca for a free no-obligation consultation by calling toll-free 888-998-0530, via email at arosca@rscounsel.law, or through the contact form provided on our website.
