Somerset Securities

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Hamlin (Hamlin), currently associated with Somerset Securities, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Hamlin recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $101,000.00 on September 11, 2024.

In December 2022, [REDACTED] (“the Claimant”), had agreed to invest $100,000 in a 10% Senior Unsecured Note in iCap Fund III (“iCap”) under advice from Somerset Securities Inc. The securities were sold under the exemption of Regulation D of the Securities Act of 1933. On September 29, 2023, iCap Equity, LLC, along with twenty-five affiliated entities, filed Chapter 11 bankruptcy in the Eastern District of Washington, which caused loss of funds for investors in this entity. The Claimant claims improper advice to invest in unsuitable securities and filed for FINRA arbitration seeking compensation for damages incurred.

Currently financial advisor Thomas Hamlin (Hamlin), currently employed by brokerage firm Somerset Securities, Inc. has been subject to at least 9 disclosable events. These events include 9 customer complaints. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $650,000.00 on September 09, 2024.

Alleged unsuitable recommendation to purchase iCap Equities private placement. iCap Equities filed for bankruptcy on 9/12/2023.

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