Did you lose money with financial advisor Thomas Skypeck in Scarborough, Maine? The Securities and Exchange Commission (SEC) recently barred Skypeck from the securities industry after he pled guilty to theft and violations of the Maine Uniform Securities Act in October 2015. Allegedly, he failed to disclose his relationship with a precious metals dealer when he was registered with O.N. Equity Sales Company. It was also alleged that he stole coins worth $1,000 from a client and that between March 2009 and January 2013, he excessively traded or churned the account of an inexperienced investor. Churning is against securities rules and regulations and is a tactic used by brokers to generate large commissions and fees for themselves. Their brokerage firms have a duty to reasonably supervise them, and, if they do not, can be sued for investment losses.
Skypeck was registered with Merrill Lynch, Prudential, Gruntal & Co., Winslow Investment Co., Robert Thomas Securities, Guardian Investor Services, Royal Alliance Associates, Walnut Street Securities, Sammons Securities, Woodbury, Cambridge Investment Research, The O.N. Equity Sales Company in Saco, Maine from July 2010 until April 2013 and Brokers International Financial Services. He has one criminal disposition against him.