FINRA recently announced that Dennis Ray Thompson Sr. has been barred from association with any FINRA member in any capacity. Additionally, Dennis Ray Thompson Jr. has been suspended from association with any FINRA member in any capacity for two years.
Without admitting or denying the findings, the Thompsons consented to the described sanctions and to the entry of findings that they offered and sold investments in an unregistered hedge fund and its general partner using representations and sales materials that contained materially misleading statements and omissions of fact. The findings further stated that the information that was supplied by the hedge fund manager and used recklessly by the Thompsons to solicit investors contained materially false and misleading statements and omissions concerning, among other facts, a pending Commodity Futures Trading Commission (CFTC) securities fraud action against the hedge fund manager, the fund’s theoretical and unproven performance figures, the speculative nature of the fund’s trading strategy, and the significant risks associated with an investment in the hedge fund and its general partner. The findings also stated that the Thompsons solicited investors without conducting a reasonable investigation to determine whether the hedge fund and its general partner were suitable investments and without regard as to whether certain investors were capable of evaluating and bearing the risks associated with such investments. Finally, the findings also included that the Thompsons failed to disclose to their member firm that they were engaged in private securities transactions for compensation.
According to his FINRA Broker Report (CRD), Dennis Ray Thompson Sr. was a registered financial advisor with Wellstone Securities, LLC, a FINRA registered broker-dealer from Jacksonville , Florida , from December 2002 through December 2007. Prior to that, he was a financial advisor with Consumer Concepts Investments, Inc., a FINRA registered broker-dealer based in Austell , Georgia . In addition to also working at Wellstone Securities, LLC and Consumer Concepts Investments, Inc., Dennis Ray Thompson Jr. worked as a financial advisor with Cambridge Legacy Securities, LLC, a FINRA registered broker-dealer based in Dallas, Texas, from November 2007 through December 2009.
If you have questions about investments you made with Dennis Ray Thompson Sr. or Jr., or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a securities lawyer based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Florida, including reviewing securities fraud cases in Jacksonville, St. Augustine, Fernandina Beach, Palm Coast, Daytona Beach, and Orlando. For more information on the firm’s securities fraud practice, please visit http://www.carterpa.com. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999 or email us at contact@carterpa.com.