New London financial advisor accused of logging into client accounts despite lapsed license
Securities regulators say a New London-based financial advisor whose license was no longer active illegally accessed client accounts and made trades.
Thomas Chadwick, formerly of the firm Chadwick & D’Amato, which operated in New London for more than 20 years, is accused by the N.H. Bureau of Securities Regulation of providing investment advice to clients despite not having an active securities license.
Chadwick is also accused of using the usernames and passwords of 27 former clients to log into Fidelity brokerage accounts to make trades, triggering a lockdown of those accounts.
According to a civil filing from the Bureau, Chadwick was already under investigation for suspicious trading of a single stock—REML—that authorities say racked up losses for clients.
During the course of that investigation, the bureau learned that Chadwick was still offering investment advice to clients, despite a lapsed license. In April, Fidelity notified the bureau that it spotted at least 27 log-ins linked to Chadwick, and that a “pattern of trading” prompted the brokerage firm to temporarily lock down 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 firm that remains pending. A call to Chadwick’s office went unanswered Friday.
The Bureau would not comment on whether Chadwick is also facing possible criminal charges.