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Thomas Schober, SII Investments, Suspended by FINRA

SIIThomas Schober, SII Investments, Suspended by FINRA

FINRA records show that SII Investments broker Thomas Schober, Massachusetts, has been permanently barred from acting as a broker or financial advisor. The investment recovery lawyers at StockBrokerLawyer.com are ready to help additional customers recover their investment losses against Mr. Schober (CRD# 1058291).Thomas Schober has spent twenty years in the securities industry and worked for SII Investments in Westborough, Massachusetts (2007-2015). He is currently not registered with any state or firm and cannot legally give financial advice.

According to the FINRA BrokerCheck report, Thomas Schober has one regulatory sanction–punishment- and was discharged from at SII Investments.

In March 2016 FINRA barred Thomas Schober following allegations he recommended unsuitable annuity exchanges for two customers, who were seniors. Senior claims are very serious. According to FINRA’s complaint, “the victims of Schober’s unsuitable recommendations are ages 84 and 83, respectively, who maintained separate brokerage accounts with Schober at his member firm. One of the customers held power of attorney for the other, who suffers from dementia. Both customers were conservative investors with limited financial means who relied on the income from their investments.” Mr. Schober “effected the annuity exchanges in the accounts of the customers and designed these exchanges to benefit himself at the customers’ expense,” and when the customers paid roughly $154,642 in surrender charges, Mr. Schober received at least $65,000 in commissions. He allegedly failed to disclose the surrender charges they would incur and did not explain the associates sales charges. FINRA additionally stated that Mr. Schober “attempted to conceal the unsuitable annuity exchanges by providing false information concerning the source of funds on the annuity transaction documents he submitted to the firm and annuity companies.”

In January 2015 Thomas Schober was discharged from his position at SII Investments following allegations he failed to comply with firms related to variable annuity surrenders and “intentionally” provided inaccurate information in response to a firm inquiry.

If you or someone you know has a complaint regarding Thomas Schober, call (888) 986-7199 or write the investment recovery lawyers at StockBrokerLawyer.com for a free no-cost consultation. We can help recover your losses and seek other damages, too.

You can use the email form or chat on StockBrokerLawyer.com You may be entitled to recover your losses. We work on contingency: we are paid only when you are paid. Time is limited; delay is the favorite defense of the brokerage firms. Call 888-986-7199 now to speak to an attorney for a no cost evaluation.


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