Littleton, Colorado financial advisor Kiran Devarapalli (CRD# 6416586) was recently fired by LPL Financial in connection with alleged rule violations....Read More
Bob Thompson: Concourse Financial Fired Progressive Financial Advisor
Palos Hills, Illinois financial advisor Bob Thompson (CRD# 1975407) was recently terminated from Concourse Financial Group Securities in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that he is currently an investment advisor at Harvest Investment Services, doing business as Progressive Financial Planning.
Mr. Thompson’s BrokerCheck report discloses his firing from Concourse Financial Group. Filed in October 2023, the disclosure states that the firm fired him in connection with allegations he engaged in “an unauthorized and unapproved outside business activity.” No additional context is provided.
Investors should be aware that FINRA Rule 3270 stipulates that advisors like Mr. Thompson may not engage in unapproved outside business activities. “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm,” the rule states specifically, “unless he or she has provided prior written notice to the member, in such form as specified by the member.” Brokers who participate in unapproved outside business activities may be subject to disciplinary action from regulators or their member firms.
The “Our Firm” section on Progressive Financial Planning’s website states that the firm is dedicated to serving its customers’ financial needs. “We strive to take the confusion out of the ever changing market and work to obtain your goals for a secure future,” it explains. “We take the “Planning” aspect of financial planning very seriously. We start by helping you to establish your goals and objectives by gathering information. The information is then analyzed to see what options would best suit your needs to obtain your goals. After these steps are done, recommendations can be made and implemented.”
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Bob Thompson holds 34 years of securities industry experience. Based in Palos Hills, Illinois, he has been a broker and an investment advisor with Harvest Investment Services since 2023, doing business as Progressive Financial Planning. His past registrations include Concourse Financial Group (Palos Hills, Illinois; 1999-2003), the Concord Equity Group (Iselin, New Jersey; 1998-1999), Emissary Financial Group (Mentor, Ohio; 1998), and Money Concepts Capital Corporation (Palm Beach Gardens, Florida; 1989-1998). 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. He is licensed in Indiana. (Information current as of December 11, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.