Sean Aaron Brady of Saint Louis Missouri a stockbroker registered with First Allied Securities Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $75,000.00 in damages based upon accusations of the customer being defrauded on direct participation program interests or limited partnership interests sold by Brady between 2012 and 2017 during the time that he was associated with First Allied Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02319 (Sept. 18, 2019). According to the claim, Brady’s recommendations were based on false documentation and had failed to be suitable for the customer. The claim also alleges negligence and the breach of a fiduciary duty that was owed to the customer by Brady in reference to his recommendations for the customer’s account while associated with First Allied Securities.
FINRA Public Disclosure reveals that Brady is referenced in eight more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including First Allied Securities. On September 19, 2019, a customer initiated investment related arbitration claim involving Brady’s conduct was settled for $769,000.00 in damages based upon allegations of bad real estate securities transactions, variable annuities and direct investments being sold to the customer by Brady. FINRA Arbitration No. 18-02310. According to the claim, a fiduciary duty that was owed to the customer had been breached by Brady. The securities broker dealer allegedly neglected to supervise Brady’s activities. The claim also alleges that misrepresentations had been made by the stockbroker and that his negligence resulted in the customer’s losses.
On June 25, 2019, a customer initiated investment related arbitration claim concerning Brady’s activities was resolved for $62,500.00 in damages founded on accusations that the customer’s net worth had been falsified or misrepresented and that the customer’s account documentation had been impermissibly completed by the stockbroker to effect real estate securities and direct investments transactions while employed by First Allied Securities. FINRA Arbitration No. 18-02314.
Brady is also referenced in a customer initiated investment related arbitration claim which was settled for $37,500.00 in damages supported by allegations of omissions being made by Brady concerning the customer’s investments. FINRA Arbitration No. 18-03565 (July 23, 2019). According to the claim, Brady’s investment recommendations failed to be suitable for the customer. The claim also alleges that the customer’s net worth had been misrepresented by the stockbroker in 2017 when he was employed by First Allied Securities.
On June 8, 2018, Brady was barred from associating with any FINRA member in any capacity based upon findings of the stockbroker declining to cooperate with the regulator during the period in which he was investigated for sales practice violations at First Allied Securities. Letter of Acceptance Waiver and Consent No. 2017055941601.
According to the AWC, Brady was asked by FINRA personnel to furnish documentation and information by May 2, 2018 in order to comply with Rule 8210. Brady never responded to FINRA’s request. The regulator was subsequently informed that the stockbroker would at no point be providing that documentation or information. FINRA determined that Brady’s failure to comply in this regard constituted the violation of FINRA Rules 2010 and 8210.
Brady was discharged by First Allied Securities on October 20, 2017 based upon allegations of his violation of the policies of the securities broker dealer. First Allied Securities referred to Brady being the subject of a customer initiated investment related dispute alleging the falsification of a customer’s signature.
