Timothy David O’Brien of Inver Grove Heights Minnesota a stockbroker formerly employed by Feltl Company is the subject of a customer initiated investment related written complaint on December 24, 2018 in which the customer sought $10,000.00 in damages supported by allegations that the customer was inappropriately invested in over-the-counter equities because of those investments failing to conform to the customer’s objectives for investing.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that O’Brien has been identified in four additional customer initiated investment related disputes containing accusations of his misconduct while employed with Feltl Company, Prudential Securities Incorporated and Robert W. Baird Co. Specifically, a customer initiated investment related arbitration claim involving O’Brien’s conduct was settled for $28,500.00 in damages founded on allegations that unsuitable bond fund recommendations had been made to the customer, and the customer’s funds were exposed to an inappropriate short-term trading strategy that caused the customer losses. National Association of Securities Dealers (NASD) Arbitration No. 04-05398 (Nov. 4, 2005).
Then, on May 23, 2005, a customer initiated investment related complaint regarding O’Brien’s activities was resolved for $55,000.00 in damages based upon accusations that the customer was charged inappropriately large commissions on over-the-counter equities; misrepresentations were made to the customer concerning investments; and the equities transactions effected in the customer’s account were not suitable for the customer. Subsequently, on May 18, 2013, a customer initiated investment related complaint involving O’Brien’s conduct was settled for $34,000.00 in damages supported by allegations that O’Brien overcharged the customer on the customer’s common and stock transactions, and effected unauthorized equity transactions in the customer’s account.
On April 15, 2013, another customer initiated investment related complaint concerning O’Brien’s activities was resolved for $28,000.00 in damages founded on accusations that transactions were placed in the customer’s account without the customer’s permission, and excessive commissions had been charged for the over-the-counter equities trades placed in the customer’s investment portfolio.
Moreover, O’Brien has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he placed the customer’s assets in an investment strategy without the customer’s consent, and executed one hundred seventy-one trades in customers’ accounts on a discretionary basis despite lacking written approval to engage in discretionary trading. Evidently, customers did not provide O’Brien written authorization to exercise discretion in their accounts; and the firm did not approve O’Brien having any discretionary authority. Consequently, FINRA found O’Brien’s conduct violative of FINRA Rule 2010 and NASD Conduct Rule 2510(b). Letter of Acceptance Waiver and Consent No. 2013036967201 (Dec. 31, 2014).
