August 2021- Inver Grove Heights, MN
According to publicly available records Timothy David O’Brien, a financial advisor who is not currently registered, but was last employed by Feltl & Company, discloses a regulatory event and a pending customer dispute and several prior customer disputes that were resolved by cash settlements.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 11/2020, in FINRA case #2019061380101 , without admitting or denying the findings, O’Brien consented to the entry of findings that he placed unauthorized trades in a customer’s account. The findings stated that O’Brien sold a limited partnership position in the customer’s account and purchased Class A shares of a mutual fund. O’Brien attempted to call the customer to discuss the trades, but did not reach her before executing the transactions. The customer complained to O’Brien’s member firm about his unauthorized trades in her account. Sanctions were a 45 day suspension from FINRA and a $10,000 fine paid individually by O’Brien.
O’Brien had a similar issue in 12/2014 in FINRA case # 2013036967201 where O’Brien consented to sanctions and to the entry of findings that he exercised discretion, and traded without authority, in two customers’ accounts. Sanctions were a 10 day suspension and a $5,000 fine levied against O’Brien personally.
In 7/2020, a Feltl and Company customer filed a complaint alleging unsuitable investments, over concentration and misrepresentation resulting in excessive losses. That case settled for $350,000 in 10/2020.
From September of 2009 until May of 2013, 4 customer disputes were filed against O’Brien alleging among other things, unsuitable recommendations, unsuitable short-term trading, misrepresentation, excessive commissions and unauthorized trading. These cases were settled for $137,500 collectively.
O’Brien was employed with Feltl & Company from May of 2012 until February 2021. Before that he was with Prime Capital Services, Inc.
O’Brien also discloses tax liens filed in Dakota County, MN, by the IRS and the State of Minnesota totaling in excess of $400,000
If you have questions about an investment account with Timothy O’Brien, call to learn how you may be able to recover damages through FINRA arbitration.
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.
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