August 1, 2017
On July 5, 2017, Thomas Brenner, Jr., formerly a general securities representative and Chief Executive Officer at First American Securities, Inc. (FAS) in Orrville, Ohio, submitted a Letter of Acceptance, Waiver and Consent (AWC).
According to the AWC, Brenner refused to appear for on-the-record testimony regarding a FINRA investigation involving his role in the sale of three different private placements issued by persons or entities with which he had personal or business relationships. FINRA sent a request for on-the-record testimony to Brenner on June 27, 2017, to which he subsequently refused to appear for, in violation of FINRA Rule 8210 and 2010.
Brenner is currently fulfilling a 16-month suspension by FINRA until December 14, 2017 for previous securities industry violations. According to the AWC, Brenner consented to early findings that he engaged in two separate private placements which contained supervisory and substantive violations, including inadequate due diligence, a failure to have a reasonable basis to recommend the private placements to customers, and investor offering documents which contained misleading and unwarranted statements, omitted material information, and made material misrepresentations, in violation of FINRA Rules 3110, 2111, 2210(d)(1), and 2010 and Section 17(a)(2) of the Securities Act of 1933. Brenner also consented to a $30,000 fine and $189,000 in disgorgement of commissions relating to the private placements.
By refusing to appear for on-the-record testimony, Brenner consented, without admitting or denying the violations made against him by FINRA, to a bar from associating with any FINRA member firm in any capacity.
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