Thomas Niles Has Been Named in a Pending FINRA Investigation

Thomas NilesPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on December 7, 2017 indicate that New York-based Janney Montgomery Scott broker/adviser Thomas Niles has been named in a pending FINRA investigation. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Niles (CRD# 2264883).

Thomas Niles has spent 25 years in the securities industry and has been registered with Janney Montgomery Scott in Saratoga Springs, New York since 2015. Previous registrations include Morgan Stanley in Saratoga Springs, New York (2009-2015); Morgan Stanley & Company in Saratoga Springs, New York (2009); Wachovia Securities in Latham, New York (2003-2009); Prudential Securities in New York, New York (2000-2003); Salomon Smith Barney in New York, New York (1995-2000); and Merrill Lynch in New York, New York (1992-1995). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 10, 1993; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 8, 1992; Series 31 (Futures Managed Funds Examination), which he obtained on January 14, 2010; Series 7 (General Securities Representative Examination), which he obtained on September 9, 1992; and Series 8 (General Securities Sales Supervisor Examination [Options Module & General Module]), which he obtained on May 5, 1998. He is a registered broker and investment adviser with 18 US states and territories: California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas and Vermont. He is registered with three self-regulatory organizations (SROs): FINRA, the Nasdaq Stock Market, and the New York Stock Exchange.

According to his BrokerCheck report, he has been named in a pending FINRA investigation into alleged rule violations.

In September 2017 Thomas Niles was named respondent in a FINRA investigation to allegations he made unsuitable investment recommendations, violated FINRA Rules 2010 and 2111, exercised discretion without written authority, and violated NASD Rule 2510. For reference, FINRA Rules 2010 and 2150 forbid the “Conversion or Improper Use of Funds or Securities.” The rule states that conversion “generally is an intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it.” Rule 2010 is generally considered to apply to other activities, such as the forgery of client signatures, misappropriation of funds, disclosure of confidential information, and more. The investigation remains pending.

If you or someone you know has lost money investing with Thomas Niles, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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