Thomas Schober; SII Investments Inc.

Did you lose money with Thomas Schober, formerly a registered broker with SII Investments Inc.? Stoltmann Law Offices is investigating Schober for allegedly recommending unsuitable variable annuity exchanges in the accounts of two senior customers, aged 84 and 83. One of the customers suffered from dementia and both had limited financial means. The Financial Industry Regulatory Authority (FINRA) found that Schober effected annuity exchanges to benefit himself and receive commissions. The exchanges he made caused the customers to pay surrender charges of $154,642 to sell their annuities and then to pay sales charges of $69,000 of which Schober received the full amount in commissions, and incurred new surrender periods. FINRA alleged that Schober did not disclose the amount of the surrender charges they would incur to sell their annuities and didn’t explain the sales charges associated with the purchase of new annuities. These are against securities rules and regulations.

Schober was registered with Marketing One Securities in Portland, Oregon from September 1994 until July 1998, Legacy Financial Services from July 1998 until August 1998, Legacy Financial Services in Freehold, New Jersey from August 1998 until June 2007 and SII Investments in Westborough, Massachusetts from June 2007 until January 2015. He has one customer dispute against him. He is not licensed within the industry and FINRA permanently barred him.

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