Customers of former LPL Financial LLC (“LPL”) broker Kerry Hoffman (“Hoffman”) of Chicago, Illinois may have arbitration claims if they purchased unregistered GT Media Inc. on behalf of their clients between July 2015 and July 2018.
Hoffman was a registered representative and an investment advisory representative associated with LPL. GT Media hired Hoffman as an adviser in March 2015. Hoffman then recommended that GT Media hire his friend Thomas Conwell (“Conwell”), who had been previously enjoined and criminally convicted for stealing money from investors, to sell its stock.
As alleged in a complaint filed by the Securities and Exchange Commission (“SEC”), from July 2015 through July 2018, Conwell offered and sold approximately $2.5 million of GT Media stock to approximately 41 investors. The SEC further alleged that exchange for selling GT Media stock to investors, Conwell received $221,900 in commissions from the company. The SEC complaint is accessible below.