Tr?id=566623520170033&ev=PageView&noscript=1

Ä¢¹½´«Ã½

Former LPL Advisor Created Fraudulent Bank Account To Steal $1.3 Million From Customer

Posted on June 15th, 2023 at 11:01 AM

From the desk of Jim Eccleston at Ä¢¹½´«Ã½ 

The Securities and Exchange Commission (SEC) filed a complaint accusing Patrick N. Thayer of stealing $1.3 million from a customer.

The SEC alleged that Thayer created a bank account in his client’s name but under his own business address. From 2013 to 2023, Thayer transferred money each month from the customer brokerage funds to the outside account controlled by him. According to the complaint, Thayer used the customer’s funds to pay his mortgage, car loans, credit card expenses and purchased a “tiny house” in Colorado for a family member. 

According to the Warren County prosecutor’s office, Thayer was indicted and criminally charged with securities fraud, aggregated theft, telecommunications fraud, and identity fraud. Thayer agreed to a partial settlement in which he agreed to an order barring him from engaging in future violations and to pay any monetary relief ordered by the court at a future date, without admitting or denying the allegations. Additionally, the Financial Industry Regulatory Authority (FINRA) barred Thayer in February for failing to respond to the regulator’s requests for information, according to AdvisorHub.

 

Ä¢¹½´«Ã½ LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

1787157891 Law
August 19, 2026
Former UBS Financial Advisor Suspended and Fined Over Unauthorized Trading Allegations

The Financial Industry Regulatory Authority (FINRA) suspended a former UBS Ä¢¹½´«Ã½alth Management USA broker for three months and fined him $10,000 after finding that he executed hundreds of trades in two customers' accounts without the required written authorization.

1787156982 Law
August 19, 2026
FINRA Suspends Former Gradient Securities Advisor

The Financial Industry Regulatory Authority (FINRA) has suspended former Gradient Securities representative Mark J.

1787070589 Law
August 18, 2026
Senior Protection Case Study: Edward Jones and Senior Investor Safeguards

A recent incident involving Edward Jones illustrates how challenging it may be to employ safeguards for protecting older clients from financial exploitation.