Thomas 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.
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