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Former Advisor Receives Decade Long Prison Sentence for Fraudulent Activities

Posted on December 8th, 2023 at 1:23 PM
Former Advisor Receives Decade Long Prison Sentence for Fraudulent Activities

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï 

Former First American Securities Inc. president Thomas Brenner has been sentenced to over ten years in prison by a federal judge in Ohio. He pleaded guilty to securities fraud, using the stolen funds to finance a race car and cover back taxes.

Brenner's actions led to the expulsion of First American Securities Inc. from the industry by the Financial Industry Regulatory Authority Inc. (FINRA) in March 2017 following failure to pay over $300,000 in penalties related to the sales of private placement securities. In March 2015, Brenner recruited clients for United RL Capital Services, part of a $102 million Ponzi scheme that defrauded more than 600 investors. Brenner was among the defendants in a 2018 civil case brought by the Securities and Exchange Commission.

Brenner was sentenced to 125 months in prison. Alongside the imprisonment, Brenner must pay $3.5 million in restitution and undergo three years of supervised release, as reported by FinancialPlanning.com.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

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