Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Thomas Sova (Sova), formerly associated with Hornor, Townsend & Kent, Inc. (Hornor Townsend) in Baton Rouge, Louisiana was terminated by his firm concerning allegations that Sova violated firm policies and procedures regarding disclosure of outside business activities relating to the outside sale of an unapproved and unregistered security. That termination came on the heels of an arbitration complaint filed a couple of months earlier in April 2018. The customer complaint alleged that Sova sold and unregistered security in May 2016 and seeks $100,000 in damages. The claim is currently pending.
At this time, the claims against Sova are unclear as to the exact nature and extent of the activity other than that it involves a mortgage investment fraud or real estate security. Sova has outside business disclosures including Sova Financial Group – his investment d/b/a. Sova also discloses that he is the owner of rental property.