Investors who have suffered investment losses investing with Thomas Redmond, Jr. may be able to recover their losses through FINRA arbitration.
According to recent news reports, ten counts of securities fraud have been filed against Thomas H. Redmond, Jr. by the Marion County Prosecutor’s Office for defrauding at least 10 people out of more than $580,000.
Thomas Redmond, Jr. was a brokerage firm with several firms including Next Financial Group, Capital Financial Services, and Empire Financial Group. According to investigators, Thomas Redmond admitted that he began taking client funds and converting it for personal use starting in 2004.
Prosecutors say that Thomas Redmond, Jr. engaged in a Ponzi scheme, whereby he used new client money to pay older clients. Upon information and belief, Thomas Redmond, Jr. represented to his clients that he would invest the funds in various securities, but instead deposited them into his personal accounts.
In 2011, Thomas Redmond, Jr. was permanently barred by FINRA for selling securities for his unsuitable recommendations to invest in Provident Royalties, LLC.
If you have suffered losses investing with Thomas H. Redmond, Jr., please contact the firm today for a FREE, NO OBLIGATION CONSULTATION to discuss your recovery options.