The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by Thomas O’Brien (CRD#: 2282208, Shreveport, Louisiana). Namely, the general securities representative, who worked for Morgan Keegan before joining Raymond James on February 13, 2013, disclosed that 4 of his clients disputed his sales practices. These client disputes suggest that O’Brien failed to supervise securities brokers who seemingly engaged in unsuitable trading. Let’s take a closer look at some of these disputes:
Raymond James Clients Indicate That Thomas O’Brien Failed To Supervise Stock Trades
Evidently, a client of Raymond James brought FINRA Arbitration #: 19-01691 on June 18, 2019. Namely, the client suggested that Thomas O’Brien failed to supervise the client’s account through 2018. It appears that one or more securities brokers who O’Brien supervised made unreasonable or inappropriate trades. Apparently, the client sustained losses from stock trades and unit investment trust transactions. For this reason, the client demanded $5,000 in this pending matter.
O’Brien Allegedly Responsible For Bad Equities Trades That Caused Losses To Clients
Apparently, a second Raymond James client brought FINRA Arbitration #: 17-02973 on November 9, 2017. The client alleged that Thomas O’Brien did not properly supervise the securities representatives who traded in the client’s account. Supposedly, from 2001 until 2017, the account experienced losses from speculative, sector-specific equity trades. Because of this, the client demanded $5,000,000 in damages.
Morgan Keegan Clients Indicate That Thomas O’Brien Misrepresented Annuities
Thomas O’Brien disclosed a pair of disputes from 2006 from clients of Morgan Keegan. In the first dispute, the client indicated that O’Brien sold a client a misrepresented and unsuitable annuity. It is possible that the client purchased the annuity by acting on O’Brien’s bad recommendations or misleading statements. The second Morgan Keegan client also asserted misrepresentation in connection with the client’s annuity purchase. Allegedly, the clients were unable to access funds from the annuities they purchased. Evidently, these matters closed without resolutions.
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