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Thomas Parker: Brentwood, Tennessee Financial Advisor Censured by SEC
A disciplinary action taken by the Securities and Exchange Commission (SEC) against Brentwood, Tennessee broker and investment advisor Thomas Parker (CRD# 356789) barred him over allegations he breached his fiduciary duty and provided inadequate disclosures in the connection with his mutual fund share class selection practices. A representative of Thoroughbred Financial Services, Parker was censured and ordered to pay a civil penalty of $75,000, as well as disgorgement exceeding $217,000.
According to an SEC order dated December 2018, Thomas Parker was registered with Thoroughbred Financial Services when, between October 2012 and August 2016 and along with another representative of the firm, he “invested, recommended or held certain advisory client assets in mutual fund share classes” accompanied by certain fees, rather than lower-cost share classes in the same funds that were not associated with those fees. The SEC’s findings state that these practices “created a conflict of interest” that contravened the firm’s Code of Ethics, and that they were not properly disclosed to customers of Thoroughbred Financial Services. According to the SEC, Parker and the other respondents “breached their duty to seek best execution for their clients” by recommending and investing them in the mutual funds in question. They also allegedly “made misleading statements and omissions to clients” regarding costs and availability of other mutual fund share classes, even as they requested that their customers “agree to higher account management fees, which nearly all clients accepted.” The SEC found that these activities constituted willful violations of Section 206(2) of the Advisers Act. As a result of the foregoing alleged conduct, Thomas Parker was censured, ordered to pay a civil penalty of $75,000, and ordered to pay disgorgement of $217,883,16.
Thomas Parker has been registered with Thoroughbred Financial Services in Brentwood, Tennessee since 2000. His employment history includes Advanced Planning Financial Securities Corporation in Brentwood, Tennessee; Capital Analysts; and Advance Planning Corporation. He currently holds zero state licenses and has passed four securities industry qualification examinations.