Timothy David O’Brien of Inver Grove Heights Minnesota a stockbroker formerly registered with Feltl Company has been fined $10,000.00 and suspended for 45 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that O’Brien engaged in unauthorized trading in a customer’s account. Letter of Acceptance Waiver and Consent No. 2019061380101 (Nov. 24, 2020).
According to the AWC, on October 27, 2017, a limited partnership interest held by the Feltl customer had been liquidated with the proceeds directed towards Class A mutual fund shares. None of those transactions were authorized. The stockbroker failed to correspond with the customer who later complained about O’Brien’s unauthorized trades. FINRA determined that O’Brien’s conduct was violative of FINRA Rule 2010.
This is not the first time that O’Brien has been sanctioned by FINRA for misconduct at Feltl. O’Brien has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity founded on findings that O’Brien executed trades on a discretionary basis without having written authorization from customers or the securities broker dealer.
O’Brien has been identified in six customer initiated investment related disputes containing allegations of his unsuitable actions while employed by Feltl Company, Robert W. Baird and Prudential Securities Incorporated. FINRA Public Disclosure shows that O’Brien is the subject of a customer initiated investment related arbitration claim which was settled for $28,500.00 in damages supported by accusations that short-term trades of bonds were effected in the customer’s account on an unsuitable basis by O’Brien during the time that he was associated with Prudential Securities Incorporated.
Another customer initiated investment related complaint involving O’Brien’s conduct was resolved for $55,000.00 in damages based upon allegations of misrepresentations being made by the stockbroker regarding over-the-counter equities executed in the Robert W. Baird customer’s account. The complaint also alleges that transactions were unsuitable and that excessive commissions had been charged to the customer.
O’Brien has been referenced in a customer initiated investment related arbitration claim which was settled for $20,000.00 in damages founded on accusations that trades had been effected in the customer’s account by O’Brien on an unauthorized basis and that the customer was overcharged. On December 24, 2018, another customer filed an investment related complaint involving O’Brien’s activities where the customer sought $10,000.00 in damages supported by allegations that the Feltl customer’s funds had been improperly invested in over-the-counter equities and that investments were not suitable given the customer’s objectives for investing.
O’Brien is also the subject of a customer initiated investment related written complaint which was resolved for $350,000.00 on October 21, 2020 based upon accusations of misrepresentations having been made by the stockbroker concerning stocks and over-the-counter equities. The complaint also alleges that the customer’s accounts had been overconcentrated in risky investments and that O’Brien’s transactions were in no way suitable.
O’Brien’s registration with Feltl Company was terminated on August 18, 2020.