Former LPL Advisor Sentenced to 15 Years in Prison for Fraud

A former LPL Financial advisor, Patrick Thayer of Lebanon, Ohio, was sentenced to 15 years in prison last week after pleading guilty to three second-degree felony counts for fraud as an investment adviser representative, aggravated theft and identity fraud.

As The DI Wire previously reported, Thayer was indicted in June on charges of taking more than $1.31 million from an Ohio woman.

“Every dollar taken by fraud hurts families and law-abiding businesses in Ohio,” Ohio Securities Commissioner Andrea Seidt said. “Today’s sentence confirms that the Division and its law enforcement partners are committed to making Ohio a safe environment where investors and industry professionals can grow and prosper.”

In 2013, Thayer opened a bank account in the victim’s name without her knowledge or consent.  Thayer then began selling securities from the victim’s brokerage account and transferred the proceeds to the new bank account, where he used them for personal expenses, including a down payment on his home, mortgage payments, car loans and credit card expenses.

An Ohio judge ordered Thayer to pay more than $1.02 million in restitution to the victim after factoring in the restitution previously paid.

According to his BrokerCheck record, Thayer began his securities career in 2010 with H.D. Vest Investment Services and was subsequently registered with Sagepoint Financial and Parkland Securities before joining LPL in 2020. He was barred from the securities industry by FINRA earlier this year.

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