Timothy David O’Brien entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he traded the accounts of several his customers at Feltl & Company without their prior written authority (exercised discretion)
Industry rules provide that “no member or registered representative shall exercise discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member…”
From July 2012 to February 2013, O’Brien used discretion to execute over 170 transactions in the customers’ accounts.
Case # 2013036967201
O’Brien was suspended for ten days and agreed to pay a fine of $5,000.
According to FINRA records O’Brien has been registered with Feltl & Company since 5/4/2012. Prior to that he was registered with Robert W. Baird & Co.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900