Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on March 7, 2019 indicate that former California-based Crown Capital Securities broker/adviser Thomas Burns has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Burns (CRD# 36422).
Thomas Burns has spent 50 years in the securities industry and was most recently registered with Crown Capital Securities in Orange, California (1999-2019). Previous registrations include Mutual Service Corporation in Boston, Massachusetts (1999); Titan/Value Equities Group in Irvine, California (1982-1999); IDM Securities Corporation (1985-1986); First Wilshire Securities Management (1981-1982); Sutro & Company (1974-1981); and Dupont Walston & Company (1968-1974). He has passed six securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on December 4, 1999; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on February 11, 1980; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 1 (Registered Representative Examination), which he obtained on May 22, 1968; Series 4 (Registered Options Principal Examination), which he obtained on December 4, 1985; and Series 40 (Registered Principal Examination), which he obtained on December 20, 1978. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received six customer complaints and two regulatory sanctions.
In February 2019 FINRA sanctioned him in connection to allegations he negligently made mistakes that caused errors and inaccuracies in the identification of client assets on forms regarding alternative investments, resulting in the firm’s maintenance of inaccurate books and records. According to FINRA’s findings, he “mistakenly double counted assets held away from his firm in direct pension benefit plans” and “made computational errors in adding up holdings when calculating net worth,” among other alleged errors. He was issued a 2-month suspension and a fine of $7,500.
In 2015 a customer alleged Thomas Burns, while employed at Crown Capital Securities, committed elder abuse, engaged in fraud, and recommended unsuitable investments. The complaint settled in 2018 for $5,000.
In 2015 a customer alleged Thomas Burns, while employed at Crown Capital Securities, made unauthorized trades, forged her signature, and changed the suitability information on her account. The complaint settled for $15,000.
In 2006 the NASD sanctioned him in connection to allegations he failed to timely notify his firm of a TIC purchase by a public customer, causing the firm to fail to enter the purchase on its record, resulting in the firm’s maintenance of inaccurate books and records.
If you or someone you know has a complaint regarding Thomas Burns, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.