SEC v. Thom

Kenneth Thom allegedly defrauded investors in connection with an offering fraud through which he allegedly raised over $600,000 from more than fifty investors. According to the SEC’s complaint, Thom portrayed himself as a trading “luminary,” and a “former Wall Street market maker” who had enjoyed an “illustrious career”. The complaint alleges that, in reality, Thom’s actual experience in the securities industry was limited, and the Financial Industry Regulatory Authority (FINRA) suspended his license in 2011, with that suspension remaining in effect. According to the complaint, Thom raised over $600,000 from more than fifty investors, and misappropriated approximately $235,000 of it, including by spending investor funds on luxury goods and a vacation rental.

Summary generated from official Securities and Exchange Commission press release