December 10, 2020
A former general securities representative at Feltl & Company recently consented to a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations of violating FINRA Rule 2010.
FINRA alleges in the AWC that Timothy O’Brien, while associated with Feltl in Inver Grove Heights, Minnesota from May 2012 to August 2020, placed two unauthorized trades in a customer’s account. On October 27, 2017, he executed the sale of a limited partnership position in a customer’s account and purchased Class A shares of a mutual fund without authorizing this activity with the client. The client filed a complaint about the unauthorized trade but declined to reverse the transactions.
Without admitting or denying the allegations made against him, O’Brien consented to a 45-day suspension from associating with any FINRA member firm in any capacity and a $10,000 fine.
O’Brien’s FINRA BrokerCheck report reveals numerous tax liens, customer disputes, and regulatory disclosures. In 2014, he consented to a suspension for ten business days and a $5,000 fine for alleged discretionary trading in customer accounts without obtaining prior written authorization from the customers. His most recent customer dispute in July 2020 alleged unsuitable investments, overconcentration, misrepresentation, and excessive losses. The customer requested $450,000 and settled for $350,000.