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Finra Bars Veteran Broker for Allegedly Deceiving Investigators

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Background

The brokerage industry self-regulatory organization, Finra, has taken action against Timothy Breslin, a veteran broker and advisor, for his alleged attempt to deceive investigators with falsified bank statements and checks. Despite being registered as an investment advisor with the Securities and Exchange Commission, Breslin came under scrutiny following his termination from Raymond James in September 2022.

Initial Investigation

Raymond James had stated that Breslin was dismissed for initiating unfunded ACH transfers to his personal account and displaying a lack of transparency when questioned about the cause of these transfers. This raised red flags for Finra, leading the regulator to send a letter to Breslin in December 2022 seeking further information regarding the deposits.

Allegations

Breslin has chosen not to provide any comment regarding this matter. According to Finra, he allegedly provided false information about the deposits, claiming that his brother and a friend had each given him a $5,000 check as reimbursement for shared expenses from a recent trip. However, it is alleged that both checks bounced upon deposit.

Finra’s Findings

In a letter of acceptance, waiver, and consent published by Finra, it is stated that Breslin’s statements to the regulator were false since he did not receive or deposit a $5,000 check from either his brother or friend during the relevant period. Although Breslin did not admit or deny guilt, he consented to Finra’s findings.

Further Investigation

Following their initial letter, Finra sent another letter to Breslin in January 2023, requesting copies of bank statements and checks to gain more insight into the deposits.

Title: Financial Professional Accused of Falsifying Checks and Documents

Overview

Manipulated Checks

According to Finra’s letter, the financial professional is said to have responded to the regulatory inquiry by submitting three falsified checks. These checks included one from their brother and two from a friend. In each case, the individual altered the dates, amounts, and identifiable information associated with the checks. Additionally, one of the checks from the friend was purportedly written to compensate for a previously bounced check.

Falsified Bank Statement

In addition to the manipulated checks, the financial professional allegedly provided Finra with a falsified bank statement. The statement listed three $5,000 deposits, yet the balance in their account remained unchanged. The motive behind these actions remains unclear.

Employment History

Following their departure from Raymond James, the financial professional joined B. Riley Wealth Management. They were dually registered as both a broker and advisor, a role they had held throughout their 25-year career. However, in February 2023, Breslin’s employment with B. Riley Wealth Management was terminated due to their submission of falsified documents during the Finra inquiry.

Transition to TJB Wealth Management

In May, the financial professional registered TJB Wealth Management as a Registered Investment Advisor (RIA) with the Securities and Exchange Commission (SEC). Based in Spring City, Penn., TJB Wealth Management disclosed 39 clients and $15.4 million in assets in its Form ADV regulatory filing. Despite this registration, it appears that the firm does not operate a website.

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