- December 5, 2020
- Felti & Co.
Timothy D. O’brien (CRD# 1182298) was registered advisor at Feltl & Company in Inver Grove Heights, MN. Timothy D. O’brien has been in the securities industry since 1983. Timothy D. O’brien employment history Robert W. Baird & Co. Incorporated, Prudential Securities Incorporated, Dean Witter Reynolds Inc., Piper, Jaffray & Hopwood Incorporated, E.F. Hutton & Company Inc., and Allison- Williams Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 24, 2020, FINRA sanctioned Timothy D. O’brien for allegedly placing unauthorized trades in a customer’s account. FINRA suspended Timothy D. O’brien for forty five days and fined him $10,000.
According to the FINRA sanction: “Without admitting or denying the findings, O’Brien consented to the sanctions and 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, but ultimately declined to reverse the transactions.”
For a copy of Timothy D. O’brien’s FINRA disciplinary action details click here
This sanction follows a December 2014 sanction of Timothy D. O’brien alleging he exercised discretion in two customers’ accounts without obtaining prior written authorization from the customers. FINRA suspended Timoothy D. O’brien for 10 business days and fined him $5,000.
According to the FINRA sanction: “WITHOUT ADMITTING OR DENYING THE FINDINGS, O’BRIEN CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT HE EXERCISED DISCRETION IN TWO CUSTOMERS’ ACCOUNTS WITHOUT OBTAINING PRIOR WRITTEN AUTHORIZATION FROM THE CUSTOMERS, AND HIS MEMBER FIRM DID NOT APPROVE THESE ACCOUNTS AS DISCRETIONARY ACCOUNTS.”
For a copy of Timohty D. Obrien’s FINRA disciplinary action details click here
In addition to the above FINRA sanctions, Timothy D. O’brien has been the subject of six costumer complaint disclosure alleging sales practice misconduct:
• July 2020—”The clients opened accounts in August 2017 and March 2018 and accounts are still with the firm. Allegations include unsuitable investments, over concentration. and misrepresentation resulting in excessive losses.” The matter settled for $350,000.
• December 2018—”Complaint letter is relatively short and does not contain specific details. The accounts were opened in July 2012 and remain open at the time of the complaint letter. Client alleges his money was improperly invested and not suitable to his stated purpose and objectives. He seeks reimbursement for losses in the accounts which are not stated or detailed but appear to be over $5000.” The claim was denied.
• February 2013—”CUSTOMER ALLEGED UNAUTHORIZED DISCRETION AND EXCESSIVE COMMISSIONS OCCURRED IN HIS ACCOUNT. ALLEGATIONS ARE CONCERNING THE TIME PERIOD BETWEEN 07/01/2012 TO 02/15/2013.” The matter settled for $20,000.
• February 2013—”CUSTOMER CONTACTED REGISTERED REPRESENTATIVE AND MADE AN ORAL COMPLAINT ABOUT THE TOTAL COMMISSIONS CHARGED PER TRANSACTION. THE COMPLAINT WAS FORWARDED TO COMPLIANCE FOR REVIEW. DURING THE COURSE OF THE INVESTIGATION AND EVENTUAL SETTLEMENT, THE ACCUSATION OF UNAUTHORIZED TRADING WAS ADDED TO THE COMPLAINT.” The matter settled for $34,000.
• May 2005—”ALLEGED UNSUITABLE INVESTMENTS, MISREPRESENTATION AND EXCESSIVE COMMISSIONS.” The matter settled for $55,000.
• September 2004—”ALLEGED UNSUITABLE INVESTMENT RECOMMENDATIONS AND UNSUITABLE SHORT-TERM TRADING.” The matter settled for $28,500.
For a copy of Timothy D. O’brien’s CRD, click here
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.