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Joyce Thomas: $738K Complaint Against JTW Financial Advisor
San Gabriel, California financial advisor Joyce Thomas (CRD# 2713664) is involved in an investor complaint alleging her recommendations resulted in six-figure damages. Financial Industry Regulatory Authority records indicate that she is a broker and an investment advisor with Independent Financial Group, doing business as JTW Financial Services.
Ms. Thomas’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in January 2023, alleges that as a representative of Voya Financial Advisors, she “recommended investments that were largely concentrated in illiquid, low-quality, and high commission non-traded real estate investment trusts and Business Development Companies.” The pending complaint alleges damages of about $738,800.
An earlier investor complaint, filed in 2021, alleged that she recommended unsuitable alternative investments which she misrepresented as safe, guaranteed to pay regular income, and poised to “generate a substantial profit in a few years when the investments went public.” In 2022 the complaint reached a settlement of $50,000.
A third investor complaint, filed in 2021, similarly alleged that she recommended risky investments “and misrepresented that the investments would generate guaranteed income and would generate significant profits.” In 2022 the complaint reached a settlement of $225,000.
A fourth investor complaint, filed in 2021, also alleged that she misrepresented and recommended risky alternative investments. In 2022 the complaint reached a settlement of $125,000.
According to the Financial Industry Regulatory Authority, Joyce Thomas holds 26 years of securities industry experience. Based in San Gabriel and Diamond Bar, California, she has been a broker and an investment advisor with Independent Financial Group since 2015, doing business as JTW Financial Services. Her registration includes Voya Financial Advisors (San Gabriel, California; 2007-2015), Legacy Financial Services (San Gabriel, California; 2001-2007), and WMA Securities (Duluth, Georgia; 1996-2001). Her credentials include the passage of seven securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Principal Examination, or Series 24; 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. She currently holds 33 state licenses. (Information current as of February 26, 2023.)
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