Thomas Joseph Breslin Jr., of San Diego, California, a stockbroker formerly associated with LPL Financial LLC, has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon allegations that he sold away from LPL Financial. Letter of Acceptance, Waiver and Consent, No. 2016049655901 (Oct. 25, 2017).
According to the AWC, from January of 2014 to February of 2016, during which time Breslin was employed with LPL Financial, he engaged in unapproved private securities transactions involving customers of the firm. In particular, Breslin bought fifteen thousand shares of a biopharmaceutical company even though the transaction was not permitted by the firm. Evidently, Breslin then arranged for six investors, five of whom were LPL Financial customers, to make investments in the biopharmaceutical company.
The AWC stated that at least one investor’s meeting with the company had been facilitated by Breslin. In addition, Breslin reportedly advised the investor about prospective returns and how the investment was to be structured. Breslin purportedly facilitated discussions between the company and the investors, and ultimately led investors to contribute a total of $375,000.00 in the company as a result.
FINRA cited Breslin for failing to report his private securities transactions to his firm for approval. Specifically, he was administered compliance questionnaires in 2014 and 2015, where he falsely represented that he had not engaged in any private securities transactions. FINRA found Breslin’s conduct of selling away from LPL Financial and failure to be forthcoming to be violative of FINRA Rules 2010 and 3280, as well as NASD Rule 3040.
FINRA Public Disclosure reveals that Breslin was fired from LPL Financial on March 23, 2016, based upon allegations that he engaged in unapproved private securities transactions.
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