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Thomas Schultz: GWG Complaint Against Lyfe Advisors Broker
Scottsdale financial advisor Thomas Schultz (CRD# 5614228) has received investor complaints alleging his investment recommendations resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Titan Securities, doing business as Lyfe Advisors.
Mr. Schultz’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2022, alleges that as a representative of Coastal Equities, he recommended unsuitable investments and failed to perform adequate due diligence on an investment in GWG. The pending complaint alleges unspecified damages.
For reference, FINRA’s suitability standard holds that stockbrokers must “have a reasonable basis to believe” that the recommendations they make to their clients are appropriate for those clients’ background and needs. As laid out in FINRA Rule 2111, the standard requires brokers to ascertain an investment’s suitability through “reasonable diligence” into the client’s investment profile, which includes their age, net worth, risk tolerance, income, and more. They must arrive a reasonable basis to believe the recommendation is suitable for at least some investors, as well as a reasonable basis to believe it is suitable for the specific customer they’re dealing with. When they are considering a series of transactions in an account over which they have actual or de facto control, they must arrive at a reasonable basis to believe that the series of transactions, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.”
An earlier investor complaint, filed in 2011, alleged that as a representative of MML Investors Services, Mr. Schultz made unauthorized equity purchases in the claimants’ account. In 2013 the complaint reached a settlement of $5,000.
According to the Financial Industry Regulatory Authority, Thomas Schultz holds eight years of securities industry experience. Based in Scottsdale, Arizona, he has been a broker and investment advisor with Titan Securities since 2021, doing business as Lyfe Advisors. His past registrations include Coastal Equities, ProEquities, MML Investors Services, and UVest Financial Services Group. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Colorado, the District of Columbia, Florida, Idaho, Indiana, Kansas, Missouri, Oregon, South Dakota, and Wisconsin. (Information current as of June 23, 2022.)
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.