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Donald Toomer: Sanctioned by FINRA

Donald Toomer Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 14, 2016 indicate that former Nevada-based Wells Fargo Advisors Financial Network broker Donald Toomer has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Toomer (CRD# 2842723).

Donald Toomer has spent eighteen years in the securities industry and was most recently registered with Wells Fargo Advisors Financial Network in Las Vegas, Nevada (2005-2015). Previous registrations include RBC Dain Rauscher in New York, New York; Prudential Securities in New York, New York; Sutro & Company in San Francisco, California; and Painewebber in Weehawken, New Jersey. He is currently not registered with any state or firm.

According to his BrokerCheck report, Donald Toomer has been sanctioned by FINRA and is the subject of a pending complaint by the Securities and Exchange Commission.

In May 2016 FINRA sanctioned Donald Toomer following allegations he failed to respond to a FINRA request for information. He was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

In December 2015 Donald Toomer was named in an SEC complaint alleging he “agreed to buy shares of three microcap stocks in client accounts in exchange for hundreds of thousands of dollars in cash kickbacks” and “abused his role as a financial advisor to help create the false appearance of market demand in these stocks and facilitate the pump-and-dump scheme.” The action remains pending.

In December 2015 Mr. Toomer resigned from his position at Wells Fargo Advisors Financial Network following allegations he violated the anti-fraud provision of federal securities laws.

In December 2015 Mr. Toomer was charged with one felony count of conspiracy to commit securities fraud and investment adviser fraud, one felony count of investment adviser fraud, and one felony count of securities fraud. He has pled not guilty to the charges, which remain pending.

If you have lost money investing with Donald Toomer, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you recover money. By law you may have a limited time to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.