According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Timothy O’Brien (O’Brien), formerly employed by Feltl & Company has been subject to numerous disclosures including at least six customer complaints, two criminal matters, four judgement or tax liens, and regulatory complaints during the course of his career. O’Brien customer complaints alleges that O’Brien recommended unsuitable investments, made misrepresentations, and overconcentrated investments relating to the handling of client accounts.
In November 2020 O’Brien consented to FINRA findings and sanctions that he placed unauthorized trades in a customer’s account. FINRA found that O’Brien sold a limited partnership position in the customer’s account and purchased Class A shares of a mutual fund. FINRA found that O’Brien then attempted to call the customer to discuss the trades but did not reach her before executing the transactions.
In July 2020 a customer complained that O’Brien violated the securities laws by alleging that O’Brien made unsuitable investments, over concentration, and misrepresentation resulting in excessive losses in the account. The claim alleged $450,000 in damages and settled for $350,000.
O’Brien has several large tax liens. Such disclosures on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services. Continue Reading