FINRA Suspends Thomas Edward Sova for Selling $250,000 in Woodbridge Ponzi Scheme Promissory Notes

FINRA Suspends Thomas Edward Sova for Selling $250,000 in Woodbridge Ponzi Scheme Promissory NotesThomas Edward Sova (CRD# 431135) was a previously registered broker and investment advisor. From 2007 to 2018, Mr. Sova was a representative of Hornor, Townsend, & Kent, Inc. (HTK) in Baton Rouge, Louisiana.

On June 27, 2018, HTK filed Form U5 terminating Mr. Sova for violating Firm policy regarding the disclosure of outside business activities relating to the outside sale of an unapproved and unregistered security (Letter of Acceptance, Waiver and Consent No. 2018058498401).

Between May and July 2016, Mr. Sova solicited three investors from the Woodbridge Group of Companies to purchase $250,000 in Woodbridge promissory notes. Mr. Sova received $5,000 in commission from these transactions.

HTK’s written policy required all registered representatives to obtain approval before engaging in private securities transactions involving the offer of promissory notes.

Mr. Sova did not provide notice or obtain approval from HTK, violating FINRA Rule 3280 and FINRA Rule 2010. FINRA suspended Mr. Sova for five months, fined him $5,000, and ordered him to disgorge all commissions received.

Contact Our Broker Misconduct Attorneys Today

At Sonn Law Group, our investment fraud lawyers have the skills and experience needed to handle outside business activity claims and unsuitable investment losses claims. To arrange a free, no obligation review of your case, please contact us right away.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer

Rate this post:

1 Star2 Stars3 Stars4 Stars5 Stars
1 votes, average: 5.00 out of 5
Loading...