Thomas Patrick Forest (CRD# 2195672) is a First Heartland Capital, Inc. broker based in Alpine, Utah, and our firm is investigating his sales practices for potential investment-related misconduct involving indexed universal life insurance.
Financial Advisor’s Career History
According to FINRA’s BrokerCheck report, Thomas Patrick Forest has spent his entire securities career in the insurance and investment company products space, primarily with independent broker-dealers and insurance-affiliated firms.
Over more than three decades in the industry, Forest has been registered with the following firms:
- First Heartland Capital, Inc. (CRD# 32460) – Registered representative since January 2006. His current branch office is in Alpine, Utah, while the firm’s main office is in Lake St. Louis, Missouri.
- Mutual Service Corporation (CRD# 4806) – Registered from February 2002 to December 2005 in Alpine, Utah.
- Somerset Financial Group, Inc. (CRD# 46507) – Registered from November 2000 to February 2002 in Princeton, New Jersey.
- Workman Securities Corporation (CRD# 31898) – Registered from February 1997 to November 2000 in Eden Prairie, Minnesota.
- John Hancock Distributors, Inc. (CRD# 468) – Registered from January 1992 to February 1997 in Boston, Massachusetts.
- John Hancock Mutual Life Insurance Company (CRD# 5181) – Registered during the same period in Boston, Massachusetts.
BrokerCheck also notes additional business activities: Forest has been a Vice President of The Business Planning GP since 1996, is a self-employed author of non-securities-related materials, and owns Corporate Asset Financial Corporation, which is involved in the sale and distribution of insurance products.
Thomas Patrick Forest Fraud Allegations and Investor Complaints Explained
FINRA’s BrokerCheck report currently discloses one pending customer dispute involving Thomas Patrick Forest. While the matter has not been adjudicated and Forest has not been found liable, the allegations are serious and relate to misrepresentations in the sale of a complex insurance product.
Pending Customer Dispute Involving Indexed Universal Life Insurance
- Type of event: Customer dispute – pending.
- Reporting source: The disclosure was reported by Forest himself on Form U4.
- Employing firm at the time of alleged conduct: First Heartland Capital, Inc.
- Date complaint received: October 27, 2025.
- Product involved: Indexed universal life insurance (IUL).
- Core allegation: The customer alleges various misrepresentations during the solicitation of indexed universal life insurance, suggesting that key features, risks, or costs of the policy may not have been accurately or fairly presented.
- Alleged damages: BrokerCheck lists “$0.00” with an explanation that the amount is not specified; however, FINRA rules generally require that reported customer disputes involve alleged damages of at least $5,000 before they appear on BrokerCheck.
- Status: The complaint is marked pending, with no reported settlement or award and no indication that Forest or his firm have yet resolved the dispute.
Because indexed universal life insurance policies can be complex and long-term products, misrepresentations about features such as crediting rates, caps, participation rates, fees, surrender charges, or policy performance can have serious consequences for investors and policyholders. A client who believes they are buying a safe, flexible policy may actually be exposed to higher costs, more restrictive terms, or unrealistic performance assumptions if those details are not properly explained.
Why Misrepresentation Allegations Matter to Investors
Misrepresentations in connection with IUL or any other investment or insurance product can violate a financial professional’s obligations under industry rules that require fair dealing, balanced communications, and suitability when recommending a product. When a broker fails to explain risks, exaggerates potential returns, or downplays costs and policy restrictions, investors may:
- Commit to large, long-term premium payments based on unrealistic expectations.
- Face surrender charges or tax consequences they did not anticipate.
- Discover that the policy’s projected cash value or death benefit will not match what they were led to believe.
Even though the customer dispute involving Forest is only an allegation at this stage, it is important for current and former clients of First Heartland Capital to review their accounts and insurance policies carefully, particularly any indexed universal life policy purchased through him.
Summary of Disclosures for Thomas Patrick Forest
Based on the currently available BrokerCheck information:
- Number of customer disputes disclosed: 1 (pending).
- Regulatory events reported: None.
- Criminal, civil, or financial disclosures: None reported on the BrokerCheck summary pages provided.
Investors should understand that a pending customer dispute reflects allegations that have not yet been proven. The outcome could be a dismissal, a settlement with no admission of wrongdoing, or an award in favor of the customer. Nonetheless, such a disclosure is a red flag that justifies closer scrutiny of the broker’s sales practices, especially with respect to any complex or long-duration insurance products.
In light of the pending complaint involving indexed universal life insurance, investors who worked with Forest should consider having an experienced securities attorney review their transactions and policy documents to determine whether they may have similar claims arising from misrepresentation, omissions, or unsuitable recommendations.
To obtain a copy of Thomas Patrick Forest’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 is the suitability rule, which requires that a broker have a reasonable basis to believe that any recommended investment or investment strategy is suitable for the customer based on the customer’s investment profile—factors such as age, financial situation, tax status, investment objectives, risk tolerance, time horizon, and liquidity needs.
Even though indexed universal life insurance is an insurance product, when it is marketed and sold by a registered representative in connection with an investment strategy, suitability principles similar to Rule 2111 are often applied in evaluating customer complaints. In that context, Rule 2111 is relevant because:
- A broker recommending a long-term, complex IUL policy must understand the risks, costs, and mechanics of the product and determine whether it is suitable for at least some investors (reasonable-basis suitability).
- The broker must then assess whether the specific IUL policy and funding strategy are appropriate for the particular customer, given the customer’s financial profile, liquidity needs, and risk tolerance (customer-specific suitability).
- If a broker repeatedly recommends additional policies, riders, or changes in premium funding that increase costs or risk, regulators may also examine whether those recommendations are quantitatively suitable when taken together.
In the pending complaint involving Forest, an arbitrator or regulator evaluating the customer’s allegations of misrepresentation might also ask:
- Was the indexed universal life policy suitable for the customer’s age, income, and objectives?
- Were the risks, fees, and long-term commitment accurately explained so the client could make an informed decision?
- Did the funding strategy expose the customer to undue risk of lapse, underfunding, or unexpected premium increases?
If the answers to these questions suggest that the IUL policy was not a reasonable match for the customer’s profile—or that the recommendation was made without adequate due diligence—Rule 2111’s suitability framework may support the customer’s claim even if the rule is not explicitly cited in the BrokerCheck disclosure.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.