Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Odriscoll (Odriscoll), currently associated with Torch Securities, LLC, has at least one disclosable event. These events include one tax lien, alleging that Odriscoll recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on November 20, 2024.
Without admitting or denying the findings, the firm and O’Driscoll consented to the sanctions and to the entry of findings that the firm failed to complete annual independent AML testing. The findings stated that the firm failed to conduct any independent testing of its AML program between 2005 and 2022. The firm conducted its first test in 2023. The findings also stated that O’Driscoll created and submitted two backdated documents to FINRA during an examination of his firm. In response to a request from FINRA during an examination of O’Driscoll’s firm, he produced to FINRA two documents purporting to reflect his timely disclosure of OBAs. O’Driscoll was responsible for creating the misimpression that these OBAs had been disclosed previously by submitting these documents to FINRA without disclosing that he had created them after receiving FINRA’ s request.
