The Financial Industry Regulatory Authority has barred a veteran financial advisor for providing falsified financial documents and making false statements during an investigation in violation of FINRA Rules 8210 and 2010. Timothy James Breslin, who owned and operated his own registered investment advisory firm, TJB Wealth Management (CRD # 325641), submitted a Letter of Acceptance, Waiver, and Consent (AWC) settling the alleged rule violations and accepting a bar from the industry on August 2, 2023.
Breslin’s troubles with FINRA date back to his prior employment with FINRA member Raymond James & Associates, Inc. On October 6, 2022, Raymond James filed FINRA Form U5 relating to its termination of Breslin. Raymond James reported that it had terminated Breslin for “initiating unfunded ACH transfers to [his] personal account” and “initial lack of candor regarding same.”
Following his dismissal from Raymond James, Breslin was hired by FINRA member B. Riley Wealth Management in October 2022. However, Breslin was terminated for “fail[ing] to cooperate with FINRA inquiry and present[ing] falsified documents in response.”
In December 2022, FINRA requested information from Breslin concerning unfunded ACH transfers into his personal bank account as part of its investigation into the allegations contained in Raymond James’ Form U5. Breslin told FINRA that that he had been traveling with his brother and a friend, who each had written checks to Breslin for $5,000 to reimburse Breslin for expenses related to the trip.
In January 2023, FINRA requested copies of these checks and asked Breslin to identify these checks in his bank account statements. According to the AWC, “Breslin provided three falsified checks: (i) a $5,000 check from his brother; (ii) a $5,000 check from his friend, dated July 14, 2022; and (iii) another $5,000 check from his friend, dated July 28, 2022, which purportedly replaced the prior $5,000 from his friend that bounced.” FINRA determined that Breslin had altered information on all three checks, including the date, amount, and deposit information. FINRA also determined that Breslin had falsified the bank account statement he submitted by inserting the three $5,000 deposits, but failing to subsequently adjust the balance of the account.
In testimony given to FINRA Enforcement in June 2023, Breslin provided a different falsified bank account statement, this time adjusting the balance on the statements to reflect the deposits from the checks he claimed he received from his brother and friend. Breslin also falsely testified that the he had, in fact, received and deposited three $5,000 checks and had submitted authentic bank account statements and checks to FINRA.
FINRA Rule 8210(a)(1) “require[s] a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically … and to testify at a location specified by FINRA staff … with respect to any matter involved in the investigation.” A violation of Rule 8210 is also a violation of FINRA Rule 2010, which requires members to “observe high standards of commercial honor and just and equitable principles of trade.”
Registered Representatives must remember that FINRA has the power to bar them from the industry and by being dishonest in responses to FINRA, a bar will come. Upon receipt of a FINRA 8210 Request, a registered representative should immediately contact legal counsel to help guide them through the process.