Thomas Hamlin: $355K Complaint Against Somerset Securities Advisor

Portland, Oregon financial advisor Thomas Hamlin (CRD# 2208505) allegedly recommended an unsuitable investment in iCap Equities, according to recent investor complaints. Financial Industry Regulatory Authority records show that he is registered as a broker with Somerset Securities and an investment advisor with Somerset Wealth Management.

Mr. Hamlin’s BrokerCheck report discloses two investor complaints. The most recent, filed in October 2023, alleges that as a representative of Somerset Securities, he unsuitably recommended a private placement investment in iCap Equities, which filed for bankruptcy in September 2023. The pending complaint alleges damages of $285,000.

An earlier investor complaint, filed in September 2023, similarly alleges that he unsuitably recommended an iCap Equities private placement investment. The pending complaint alleges damages of $355,000.

A third disclosure on his BrokerCheck report concerns his termination from a former member firm. Filed in November 2012, the disclosure states that Raymond James Financial Services fired him in connection with allegations that he failed to disclose an outside business activity.

According to the Financial Industry Regulatory Authority, Thomas Hamlin holds 31 years of securities industry experience. Based in Portland, Oregon, he has been a broker with Somerset Securities since 2013 and an investment advisor with Somerset Wealth Management since 2014. His registration history includes Raymond James Financial Services (Portland, Oregon; 1997-2012) Prudential Securities (New York, New York; 1994-1997), Spelman & Company (Phoenix, Arizona; 1993-1994), and Advantage Capital Corporation (Atlanta, Georgia; 1992). His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Compliance Officer Examination, or Series 14; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He currently holds 50 state licenses. (Information current as of October 28, 2023.)

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