The Chris Tolmacs PuzzleTuesday, May 10, 2016
If you are concerned that you may have lost money as a result of broker misconduct, you should promptly call the investor advocate lawyers at Chapman Albin, LLC. Before he was barred from the securities industry for life last March, broker Chris Tolmacs of Kalamazoo’s Harbinger Financial Group wrote this about himself on his LinkedIn Social Media page:
Chris loves making a positive impact on people’s lives. Whether it is working with advisors to help them become great at what they do, or working with clients to create a positive experience & impactful relationship. Chris doesn’t just want to satisfy his clients, he wants to amaze them.
“If a broker can’t manage his own finances, how can you trust him to manage anybody else’s?”
Its not clear if Mr. Tolmacs has had a positive impact on the lives of all of his clients, but it’s likely many were amazed when they learned recently that Tolmacs has lost his securities license and is closing down his business, Portage-based Harbinger Financial Group. The Financial Industry Regulatory Authority—or FINRA—took this action when Mr. Tolmacs refused to cooperate with FINRA’s investigation into allegations that he had been “borrowing” money from his clients.
Those “borrowing from clients” allegations, if proved true, would constitute a very serious violation of state and federal securities laws, according to investor rights attorney John Chapman, whose firm has been investigating the situation on behalf of former Harbinger customers. Before Mr. Tolmacs was expelled from the industry, he worked for Triad Advisors of Atlanta, Georgia. “Triad’s job is to protect investors by keeping a sharp-eye out for broker misconduct,” commented Chapman Albin, who noted that publicly available records show that tax liens—including a lien for more than $210,000 for unpaid federal income taxes, had been filed against Tolmacs in the year prior to his suspension. “It’s a huge red-flag when the government files tax clients against a broker”, ChapmanAlbin commented, “If a broker can’t manage his own finances, how can you trust him to manage anybody else’s.”