Sonny Thapar: Bond Complaint Against TFS Securities Advisor

At least one former customer of TFS Securities advisor Sonny Thapar (CRD# 2699306) is listed as a creditor for a $125,000 investment in GWG L Bonds, according to records filed with a US bankruptcy court. Financial Industry Regulatory Authority records show that the West Orange, New Jersey-based advisor has also received multiple investor complaints.

Mr. Thapar’s BrokerCheck report discloses two investor complaints. The most recent, filed in August 2022, alleged negligence, breach of contract, breach of fiduciary duty, and unjust enrichment in connection with corporate bond investments while he was a representative of TFS Securities. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in July 2022, similarly alleges that he made an “unsuitable and misleading recommendation” of a corporate bond product. The pending complaint alleges damages of $125,000.

Two other disclosures on Mr. Thapar’s BrokerCheck report describe his departure from former member firms. In 2016, Questar Capital Corporation fired him in connection with allegations he “altered a customer account document after the document had been signed by the customer.” In 2014 he was terminated from his position at Hornor Townsend & Company in connection with allegations he sold “an unapproved insurance product.”

According to the Financial Industry Regulatory Authority, Sonny Thapar holds 26 years of securities industry experience. Based in West Orange, New Jersey, he has been a broker with TFS Securities and an investment advisor with TFS Advisory Services since 2017. His past registrations include Questar Capital Corporation (West Orange, New Jersey; 2014-2016), Hornor Townsend & Kent (Edison, New Jersey; 2013-2014), AXA Advisors (West Orange, New Jersey; 1996-2014), and the Equitable Life Assurance Society of the United States (New York, New York; 1996-2000). His credentials include the passage of five securities industry qualifying exams: 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 is licensed in California, Connecticut, Florida, Illinois, New Jersey, New York, North Carolina, and Pennsylvania. (Information current as of June 4, 2023.)

Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. 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.