FINRA Barred Houston Financial Advisor After Theft Allegations
The regulatory body moved to bar Robert Wayne Thompson following accusations that he stole over $2 million from a client.
Updated on Oct. 6, 2026 in Financial Crime
FINRA has permanently barred Houston-based financial advisor Robert Wayne Thompson from the securities industry. The action follows allegations that he misappropriated more than $2.3 million from a client to fund personal expenses and a failed business venture.
Why it matters
The disciplinary action stems from Thompson's refusal to cooperate with an investigation into his conduct. His former firm, O.N. Equity Sales Company, terminated his employment after discovering he failed to disclose outside business activities.
FINRA has barred Robert Wayne Thompson from the securities industry for non-cooperation with their investigation. A civil lawsuit filed in Dallas County currently seeks damages for the alleged theft of $2.3 million from a client's personal injury settlement.
The players
Robert Wayne Thompson
He is a former Houston-based financial advisor who was barred by FINRA after allegedly stealing millions from a client.
FINRA
This is the Financial Industry Regulatory Authority, an independent agency that oversees brokerage firms and exchange markets.
James Shelton
He is a client who allegedly lost $2.3 million of a personal injury settlement to his former financial advisor.
O.N. Equity Sales Company
This is the brokerage firm that employed Thompson before terminating him for failing to disclose outside business activities.
PrimeMed
This is a startup company allegedly funded by stolen client money that filed for Chapter 13 bankruptcy in 2026.
The details
Thompson allegedly acted as a power of attorney for client James Shelton without broker-dealer consent to misappropriate funds. Investigators claim he used shell companies to funnel stolen money into luxury personal spending and a startup called PrimeMed, which later filed for bankruptcy.
Timeline
James Shelton suffered a workplace injury in 2012.
Thompson allegedly stole client funds between 2023 and 2025.
O.N. Equity Sales Company fired Thompson in October 2025.
The lawsuit was filed in Dallas County in October 2026.
Legal Context
The regulatory action follows the strict enforcement of FINRA Rule 8210, which mandates that all registered representatives must cooperate with investigative document requests. This case reflects a broader trend of increased scrutiny on financial advisors who utilize unauthorized powers of attorney.
Investors who suspect unauthorized activity in their accounts are encouraged to review their brokerage statements and verify advisor credentials through public regulatory databases. The lawsuit also highlights risks for families involving outside business interests or power of attorney arrangements with financial professionals.
The takeaway
Clients should regularly monitor their financial statements and verify that their advisor is authorized to manage specific investment assets. Securing independent legal or financial counsel is essential when dealing with large sums from injury settlements or inheritance.
Further reading
Learn more about the latest developments in Financial Crime cases within the region.
