Last Updated: November 2024 (Fayetteville, NC)
National securities fraud lawyers at Patil Law P.C. are investigating current Stifel, Nicolaus & Company broker Thomas Bolton Jr (CRD #1398115) regarding allegations of unsuitable variable annuity recommendations and misrepresentation of investment features.
The investigation follows multiple customer complaints, including recent allegations of significant surrender charges resulting from inappropriate variable annuity recommendations.
Critical Insights About Fayetteville Financial Advisor Thomas Bolton Jr
- Advisor Name: Thomas M. Bolton Jr
- CRD: 1398115
- Location: Fayetteville, NC
- Current Employer: Stifel, Nicolaus & Company
- Classification: General Securities Sales Supervisor
- Primary Location: 2021 Valleygate Drive, Suite 101, Fayetteville, NC 28304
- Can Thomas Bolton be sued in FINRA arbitration: Yes
- Customer Disputes: Four disclosures including recent variable annuity complaint
- Current Registrations: Licensed in 20 states
- Years of Experience: Since 1985
- Previous Employers: Morgan Stanley Smith Barney (2009-2010), Citigroup Global Markets (1993-2009)
- Professional Qualifications: Multiple licenses including Series 9, 10, 8, 7, 63, 65
- Outside Business Activities: Civilian Aide to Secretary of Army (Emeritus)
- Supervisory Roles: General Securities Sales Supervisor with multiple exchange registrations
- Settlement History: Prior $38,975 settlement in 2005
Details of Recent Investigation
Recent complaint allegations include:
- Unsuitable recommendations of four variable annuities between 2021-2023
- Misrepresentation of income stream features
- Customers incurred $269,222.73 in surrender charges in 2024
- Concerns about product understanding and disclosure
- Issues with investment strategy implementation
Analysis of Alleged Misconduct
The pattern of complaints reveals serious concerns:
- Variable annuity suitability
- Fee and surrender charge disclosure
- Product feature misrepresentation
- Investment strategy implementation
- Risk disclosure adequacy
- Client objective alignment
- Pattern of unsuitable recommendations
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
Reg BI requires:
- Full disclosure of annuity features
- Clear explanation of surrender charges
- Suitability documentation
- Cost and fee transparency
- Consideration of alternatives
- Client best interest focus
FINRA Rules and Their Significance
FINRA Rule 2330 (Variable Annuities) mandates:
- Comprehensive suitability analysis
- Principal review requirements
- Specific disclosure obligations
- Surrender charge disclosure
- Training requirements
- Documentation standards
FINRA Rule 2111 requires:
- Product-specific suitability
- Client-specific considerations
- Reasonable-basis suitability
- Proper documentation
- Regular review
Professional Background
Mr. Bolton’s extensive experience includes:
- Over 35 years in securities industry
- Multiple supervisory licenses
- Complex product experience
- Multiple firm affiliations
- Significant regulatory oversight roles
- History of customer disputes
Red Flags for Investors
- Recent variable annuity complaints
- Significant surrender charges
- History of customer disputes
- Product misrepresentation allegations
- Multiple supervisory roles
- Pattern of similar complaints
- Complex product recommendations
- History of settlements
- Multiple exchange registrations
- Long tenure potentially leading to overconfidence
Implications for Current and Former Clients
Current and former clients should:
- Review all annuity contracts
- Examine surrender charge schedules
- Verify feature representations
- Document communications
- Evaluate investment suitability
- Calculate total fees paid
- Consider independent review
- Understand recovery rights
- Review account statements
- Assess portfolio alignment
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have purchased variable annuities from Mr. Bolton or have concerns about surrender charges in your portfolio, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
