Investors are coming forward with disputes concerning Thomas OBrien [CRD#: 2282208, Shreveport, Louisiana]. Notably, the securities broker, who has worked for Raymond James Associates since 2013, discloses three investor disputes on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck. Notably, Raymond James Associates clients indicated that OBrien, among other things, failed to supervise securities brokers that caused their losses. For additional information concerning the disputes involving OBrien, see below.
Evidently, as many as 40 Raymond James Associates filed FINRA Arbitration Claim #: 17-02973. The Statement of Claim, which named OBrien and Raymond James as respondents, asserted claims of violation of FINRA rules and the breach of federal and state laws. Not only that, but investors alleged fraudulent representations or omissions and breach of contract.
Supposedly, Raymond James securities brokers sold or recommended unsuitable oil and gas MLPs and UITs to investors. Apparently, clients invested in Memorial Production Partners, Linn Energy, Cushing MLP Funds and Calumet Partners. Moreover, a Raymond James security broker purportedly made unauthorized trades and brought in unlawful commissions. The Panel awarded clients’ $2,986,708.96 in damages in October 2019 after six clients settled their claims for $269,000. However, the Panel reportedly found Raymond James – not OBrien – to be liable for the sales practice violations.
Evidently, Thomas OBrien worked for Morgan Keegan before joining Raymond James. Supposedly, two Keegan Company clients brought disputes about him. Significantly, both clients indicated that OBrien misrepresented facts in connection with the clients’ annuities purchases. Also, at least one client suggested that OBrien sold an unsuitable annuity. However, these clients seemingly abandoned their claims.
Have you experienced losses by investing with Thomas OBrien? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors.
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