Erez Law is currently investigating Feltl & Company broker Timothy O’Brien (CRD# 1182298) regarding unsuitable investment recommendations. O’Brien has been registered with Feltl & Company in Inver Grove Heights, Minnesota from 2012 to 2020.
In December 2020, FINRA sanctioned O’Brien to a $10,000 civil and administrative penalty and fine and suspended him for 45 days after he, “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.”
O’Brien has been the subject of six customer complaints between 2004 and 2020, one of which was denied, according to his CRD report. The most recent complaint is regarding:
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 customer sought $450,000 in damages and the case was settled for $350,000. The complaint was regarding equity OTC and common and preferred stocks.
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, Feltl & Company 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.