FINRA Issues Suspension To Timothy O’Brien For Trading Infraction
Soreide Law Group is reviewing possible investor lawsuits against Feltl securities broker Timothy David O’Brien (CRD#: 1182298, Inver Grove Heights, MN). Notably, FINRA BrokerCheck shows that of the 14 disclosures about O’Brien, at least six concern investor disputes and two concern regulatory actions. Both of those types of disclosures allege that O’Brien made improper decisions that affected client accounts. Let’s take a closer look at the allegations against the broker.
FINRA Hands Timothy O’Brien Suspensions, Fines For Unauthorized Trading
FINRA indicated that Timothy O’Brien traded in a client’s account in violation of FINRA rules while at Feltl. Allegedly, O’Brien sold the client’s LP interests and then bought mutual fund shares. It seems that O’Brien’s actions prompted the client to reach out to the firm and complain. O’Brien’s suspension is effective until January 20, 2021. He also agreed to pay a $10,000 fine.
In a past regulatory action, FINRA issued Timothy O’Brien a 10-day suspension and $5,000 fine for exercising discretion in his client’s accounts. It appears that O’Brien accepted these sanctions to resolve allegations that he did not have written authorization from clients to trade in their accounts. Furthermore, O’Brien reportedly did not have Felt’s permission to make discretionary trades.
O’Brien Supposedly Made Unsuitable Trades In Feltl Client’s Account
Evidently, a client disputed Timothy O’Brien’s sales practices in a July 2020 FINRA Arbitration Claim. Specifically, the client reportedly held an investment account which consisted of an unreasonably large amount of stocks or other equities. In addition to the unsuitability allegations, the client indicated that O’Brien misrepresented investments. Evidently, the client received $350,000 in October 2020 via settlement.
Feltl Client Indicates That O’Brien Improperly Invested Assets In Unsuitable Investments
Apparently, a client of Feltl brought a dispute in 2018 concerning alleged sales practice violations by Timothy O’Brien. The broker supposedly invested the client’s money inappropriately. Not only that, but O’Brien may have possibly failed to consider the client’s goals and objectives when investing the client in equities. However, this matter was denied.
Prior Disputes Allege Excessive Commissions, Unauthorized Discretion
FINRA BrokerCheck shows that a few disputes concern allegations of Timothy O’Brien’s unauthorized trading and excessive commissions. Namely, O’Brien used to work for Prudential Securities before joining Feltl. Apparently, a Prudential client indicated that O’Brien made unsuitable recommendations and short-term trades. That dispute settled through Prudential making a $28,500 payment to the client.
Timothy O’Brien also used to work for Robert W. Baird. A client of Baird alleged excessive commissions and misrepresentation in a dispute about O’Brien. It seems that O’Brien may have invested the client in unsuitable securities too. It seems that Baird paid the client $55,000 to resolve the matter.
Did Broker Timothy O’Brien Sell You Inappropriate Products?
If you lost money because of Timothy O’Brien, then you can get in touch with Soreide Law Group at (888) 760-6552 where you can speak with experienced lawyers about a possible recovery. Keep in mind that Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for investors who have sustained losses from the misconduct of financial advisors and securities brokers. Evidently, O’Brien denies all allegations of his sales practice violations as alleged by clients in the foregoing disputes.