In October 2019, a former client of Raymond James & Associates, Inc. won an award in a FINRA arbitration for compensatory damages for $2,986,708.96 for losses sustained from investments in the high-risk energy sector. The claim was filed by a group of investors were clients of financial advisor Thomas O’Brien (CRD# 2282208).
The causes of action included violations of FINRA rules and industry standards; breach of contract; breach of federal and state laws; fraudulent and/or negligent representation; and fraudulent concealment. The First Amended Statement of Claim named the First Amended Claimants as additional claimants. The Second Amended Statement of Claim named the Second Amended Claimants as additional claimants. The FINRA arbitration hearing was conducted in Shreveport, Louisiana.
The causes of action relate to Claimants’ investments in various oil and gas master limited partnerships and unit investment trusts, including Linn Energy, Memorial Production Partners, Calumet Partners and Cushing MLP Funds, as well as allegations of overconcentration and an alleged unauthorized trading pattern in the customers’ accounts.
O’Brien has been registered with Raymond James & Associates, Inc. in Shreveport, Louisiana since 2013.
In addition to the claim above, O’Brien has been the subject of three additional customer complaints between 2006 and 2019, two of which were closed without action, according to his CRD report. The most recent complaint is regarding:
June 2019. “Claimants are alleging failure to supervise. Activity Dates: 1/31/2000-12/5/2018.” The case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by O’Brien’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.