Thomas Baumann: FINRA Recommends Sanction Against Ex-Spartan Advisor

The Financial Industry Regulatory Authority recently recommended disciplinary action against Thomas Baumann (CRD# 5254392) a financial advisor previously with Spartan Capital Securities. FINRA records show that he was last based in New York City and has received several investor complaints alleging unsuitability, churning, and other forms of misconduct.

According to a disclosure on his BrokerCheck report, a FINRA investigation recently concluded with a preliminary determination on March 25, 2022 that FINRA bring disciplinary action against Mr. Baumann. The disclosure states that the action would allege violations of securities law and FINRA rules, specifically that he churned customer accounts, excessively traded customer accounts, and “recommended an unsuitable active trading strategy to customers.” FINRA has not yet brought action against him, per his BrokerCheck report.

Mr. Baumann’s BrokerCheck report discloses three investor complaints that reached settlements. The most recent, filed in 2020, alleged that he made unsuitable and unauthorized investments, acted negligently, misrepresented material facts, breached contract, and breached his fiduciary duty as a representative of Spartan Capital Securities. The complaint reached a settlement of $9,999.99. Another complaint filed in 2020 alleged he misrepresented facts and made unsuitable recommendations, settling in 2022 for $18,000. A complaint filed in 2018, finally, alleged churning, unsuitable transactions, misrepresentation, and breach of fiduciary duty, reaching a settlement in 2021 of $55,000.

According to the Financial Industry Regulatory Authority, Thomas Baumann holds 14 years of securities industry experience. Formerly based in New York City, he is not presently licensed as a broker. His past registrations include Spartan Capital Securities (New York, New York; 2013-2022), Rockwell Global Capital (Melville, New York; 2010-2013), Brookstone Securities (Uniondale, New York; 2010), JHS Capital Advisors (Bethpage, New York; 2007-2010), and Pointe Capital (2007). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. (Information current as of June 6, 2022.)

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