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LPL Financial Ex-Broker Patrick Thayer Charged with Misappropriating $1.3 Million from Client

Attorney Advising Disclaimer

The SEC, in a civil action, charged broker Patrick Thayer and his business Broadway Financial Solutions with misappropriating $1.3 million from an advisory client in the latest case of a former LPL Financial broker to be charged with fraud. LPL Financial employed Thayer from 2020-2022; before that he was registered with Parkland Securities and Sagepoint Financial.

FINRA barred Patrick Noel Thayer (CRD #5735955) in 2022 for failing to cooperate with an investigation, which itself followed allegations from a client that Thayer had misappropriated funds from her account from 2019 through 2022, coinciding with Thayer's association with both Parkland Securities (until September 2020) and LPL Financial (starting in September 2020 through October 2022).

After FINRA barred Thayer, another client came forth to allege that Thayer misappropriated $1.3 million from accounts beginning in 2014.

The complaint alleges that Thayer served as that client's investment adviser and effected the misappropriation by selling assets in the client's brokerage accounts, only to transfer those proceeds to a bank account from which Thayer withdrew the funds by transfer or drafting checks payable to himself.

Even worse, the complaint states that even though the defrauded client told the brokerage firm about the unauthorized transfers, Thayer nonetheless was able to misappropriate $1.3 million.

LPL Financial has been under scrutiny for alleged supervisory deficiencies, with FINRA fining LPL Financial $6.5 million for supervisory failures that enabled a former LPL broker to steal more than $1 million of LPL customer assets and funds through a Ponzi scheme that defrauded 40 investors.

In 2019, the SEC barred LPL Financial and Invest Financial Corporation broker James Thomas Booth for operating a Ponzi scheme that allegedly defrauded elderly investors out of nearly $5 million in savings.

If you invested with LPL Financial ex-broker Patrick Thayer or with any LPL Financial broker or investment adviser who effected unauthorized transactions that have proven harmful to your investments or interests, through misappropriation, conversion, or other fraudulent activity, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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