Securities regulators say a New London-based financial adviser whose license was no longer active illegally accessed client accounts and made trades.
Thomas Chadwick, formerly of Chadwick & D’Amato, which operated in New London for more than 20 years, is accused by the NH Bureau of Securities Regulation of providing investment advice to clients when he has no no active securities license.
Chadwick is also accused of using the usernames and passwords of 27 former clients to log into Fidelity brokerage accounts to conduct trades, triggering the locking of those accounts.
According to a Bureau civil filing, Chadwick was already being investigated for a suspicious single-stock transaction – REML – which authorities say resulted in losses to clients.
During this investigation, the office learned that Chadwick was still offering investment advice to clients, despite an expired license. In April, Fidelity told the bureau it had spotted at least 27 connections linked to Chadwick and that a “trading pattern” prompted the brokerage firm to temporarily lock the accounts.
In its legal filing, the bureau wrote that it “remains concerned that Chadwick may be accessing former client accounts at other institutions.”
Last December, Chadwick filed an application to launch a new investment company which remains pending. A call to Chadwick’s office went unanswered on Friday.
The Bureau would not say if Chadwick also faces possible criminal charges.