Parma, Ohio – December 6, 2025 – Thomas Gregory Scheiman (CRD# 1508288), a broker registered with Independence Capital Co., Inc. in Parma, Ohio, has been sanctioned by FINRA for willfully violating Regulation Best Interest and faces a pending customer complaint alleging failure to supervise. This article provides information about the regulatory actions and complaint against Mr. Scheiman and explains options available to investors who may have experienced similar losses through FINRA arbitration.
BrokerCheck Snapshot
Name: Thomas Scheiman
CRD #: 1508288
Firm: Independence Capital Co., Inc.
Location: Parma, Ohio
Years in Industry: 39
Number of Disclosures: 3
Regulatory Actions Against Thomas Gregory Scheiman
FINRA Sanction – Final (November 2025)
Date Initiated: November 17, 2025
Regulatory Authority: FINRA
Docket Number: 2022074289901
Product Type: Debt-Corporate (GWG Bond)
Status: Final – Acceptance, Waiver & Consent (AWC)
Resolution Date: November 17, 2025
Sanctions Ordered:
- Two-month suspension (December 15, 2025 – February 14, 2026)
- $5,000 fine (paid December 2, 2025)
- $2,600 disgorgement plus $894.77 interest
Findings:
Without admitting or denying the findings, Mr. Scheiman consented to the sanctions and to the entry of findings that he willfully violated Rule 15l-1(a)(1) under the Securities Exchange Act of 1934 (Regulation Best Interest) and FINRA Rule 2010 by recommending that customers invest in speculative and unrated corporate bonds that were not in the customers’ best interests.
The findings stated that Mr. Scheiman recommended and sold a $100,000 bond to an elderly retail customer with an investment objective of income that did not include speculation. Mr. Scheiman earned $2,600 in commission in connection with this recommendation and allegedly did not exercise reasonable diligence, care, and skill to, among other things, have a reasonable basis to believe that the recommendation was in the best interest of the customer based on the customer’s investment profile and the potential risks, rewards, and costs associated with the recommendation. After the customer complained to Mr. Scheiman’s firm, the firm returned the customer’s principal amount.
NASD Sanction – Final (August 1999)
Date Initiated: August 30, 1999
Regulatory Authority: National Association of Securities Dealers (NASD)
Docket Number: C8B990028
Status: Final – Acceptance, Waiver & Consent (AWC)
Resolution Date: August 30, 1999
Sanctions Ordered:
- $2,000 fine (paid September 15, 1999)
Findings:
The respondent member, acting through Mr. Scheiman, used the mails or other means or instrumentalities of interstate commerce to effect transactions in securities when it failed to maintain the minimum required net capital in violation of SEC Rule 15c3-1 and NASD Rule 2110.
Customer Complaint Against Thomas Gregory Scheiman
Pending Arbitration – Filed January 2025
Date Filed: January 20, 2025
Allegations: Failure to supervise – Registered representative Jeffrey Rocheck invested customers in a non-existing real estate investment from 2017 to April 2024
Product Type: Failure to Supervise
Alleged Damages: $100,000
Status: Pending
Forum: FINRA Arbitration
Docket #: 25-00101
The claimant alleges that Mr. Scheiman failed to adequately supervise registered representative Jeffrey Rocheck, who allegedly invested customers in a non-existing real estate investment over a seven-year period. This matter is currently pending in FINRA arbitration.
Pattern of Complaints / Risk Factors
While each case is unique, regulatory actions and complaints of this type may indicate concerns related to unsuitable investment recommendations, inadequate risk disclosures, and failure to supervise other registered representatives. The combination of Regulation Best Interest violations involving elderly investors and allegations of supervisory failures may warrant additional scrutiny. Investors should carefully review account statements and seek legal guidance if similar issues occurred.
Can Investors Recover Losses?
Investors who were recommended unsuitable or high-risk investments, or who experienced losses due to failure to supervise, may be entitled to recover damages through FINRA arbitration. While one customer in the 2025 regulatory action received restitution of their principal amount from the firm, other affected investors may still have claims for losses.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident.
Related Brokers and Firms
Investors concerned about potential broker misconduct at Independence Capital Co., Inc. may wish to review our firm hub page: Independence Capital Advisors – Complaints & Disclosures.
Additional resources about investment losses:
Frequently Asked Questions
Q1: What is the complaint against Thomas Gregory Scheiman?
Thomas Gregory Scheiman was sanctioned by FINRA in November 2025 for willfully violating Regulation Best Interest by recommending a $100,000 speculative corporate bond to an elderly customer whose investment objectives did not include speculation. He received a two-month suspension, a $5,000 fine, and must pay $2,600 in disgorgement plus interest. Additionally, he faces a pending customer complaint alleging failure to supervise another representative who allegedly invested customers in a non-existing real estate investment, with alleged damages of $100,000.
Q2: Can investors recover losses involving Independence Capital Co., Inc.?
Yes. Investors who have suffered losses due to broker misconduct at Independence Capital Co., Inc. may be entitled to recover damages through FINRA arbitration. Most brokerage agreements require disputes to be resolved through this process rather than in court.
Q3: What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum where investors can file claims against brokers and brokerage firms for securities law violations. The process is overseen by the Financial Industry Regulatory Authority and typically resolves cases more quickly than traditional litigation.
Q4: What does “unsuitable investment” mean?
An unsuitable investment is one that does not align with an investor’s financial situation, risk tolerance, investment objectives, or investment experience. Brokers have a legal obligation to recommend only investments that are suitable for their clients based on these factors. Under Regulation Best Interest, brokers must act in the customer’s best interest when making recommendations.
Q5: How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org. Enter the broker’s name or CRD number to view their registration history, qualifications, and any disclosed complaints, arbitrations, or regulatory actions.
Q6: What should I do if I suspect broker misconduct?
If you suspect misconduct, gather all account statements, trade confirmations, and communications with your broker. Consider filing a complaint with FINRA and consult with a securities attorney to evaluate whether you have grounds for an arbitration claim. Act promptly, as claims must generally be filed within six years.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law, P.C. for a Free Consultation
If you have experienced investment losses with Thomas Gregory Scheiman or Independence Capital Co., Inc., we invite you to contact our experienced securities law team for a free, no-obligation case evaluation. Call us at 800-950-6553 or email info@patillaw.com to discuss your potential claim.
Disclaimer:
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
