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Thomas Lisa: Former Wilmington Capital Broker Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against former New York City broker Thomas Lisa (CRD# 1540766) suspended him over allegations he participated in undisclosed outside business activities. A former representative of Wilmington Capital Securities, Lisa was fined $7,500 and suspended for four months.
According to a Letter of Acceptance, Waiver and Consent (No. 2017054989701) dated February 2019, Thomas Lisa participated in two outside business activities between June 2012 and July 2017 in which he served as “the sole officer and owner of two businesses.” One business was formed in May 2005, then dissolved in September 2016; the other was formed in September 2016, according to FINRA. The findings state that he did not inform either of his member firms, Forefront Capital Markets or Wilmington Capital Securities, of his involvement in the outside business activities. FINRA’s findings state that this constituted a violation of FINRA Rule 3270, which requires registered persons to provide prior written notice of outside business activities to their member firms.
FINRA’s findings go on to state that in September 2016, Thomas Lisa “opened and maintained a brokerage account away” from Wilmington Capital Securities without providing the firm with prior written notification. FINRA states that this constituted a violation of NASD Rule 3050(c) and FINRA Rule 2010.
As a result of the foregoing alleged conduct, Thomas Lisa was suspended from associating with any FINRA member in any capacity for four months. He was also ordered to pay a fine of $7,500.
Thomas Lisa’s disclosure records also list one customer complaint against him. Filed in 2008, the complaint alleges that as a representative of Maxim Group, he executed unauthorized transactions, recommended unsuitable investments, and engaged in excessive trading. The complaint reached a settlement of $45,000.
Thomas Lisa is not currently registered as a broker or investment advisor. His employment history includes Wilmington Capital Securities in New York, New York, Forefront Capital Markets, Maxim Group, Investec Ernst & Company, and Joseph Dillon & Company. He currently holds no state licenses and has passed three securities industry qualification examinations.