FINRA Bans Former Raymond James Advisor for Attempting to Deceive Investigators
From the desk of Jim Eccleston at Eccleston Law
The Financial Industry Regulatory Authority (FINRA) has barred a former Raymond James advisor. Timothy J. Breslin was found to have submitted altered checks and manipulated bank statements to FINRA Enforcement staff. According to a letter of settlement, known as an Acceptance, Waiver and Consent (“AWC”), Breslin's actions took place between December 2022 and June 2023 during an investigation into allegations of improper automated clearing house transfers.
The investigation originated from a Form U-5 employment termination notice filed by Raymond James, issued in September 2022, which disclosed Breslin's firing due to initiating unfunded ACH transfers from an unrelated financial institution to his personal bank account. According to AdvisorHub, Raymond James noted Breslin's lack of honesty regarding the incident.
In December, Breslin informed FINRA that he had taken a trip with his brother and a friend. He claimed they had given him two $5,000 checks to reimburse him for travel expenses, but these checks unexpectedly bounced. However, FINRA determined that he had not received or deposited any $5,000 check from his brother or friend during the relevant period. In January, when FINRA followed up, Breslin reiterated his claims. He even submitted altered copies of the checks, changing their dates and amounts. He also provided a fabricated version of his bank account statement indicating the checks had been deposited. Strangely, his account balance remained unchanged, revealing the deception.
Breslin presented another falsified account statement in June testimony to FINRA Enforcement staff. At this deposition, known as an On The Record (“OTR”) the account statement displayed a running balance that seemed to align with the purported deposit of the $5,000 checks. This series of actions led to the settlement, where Breslin was found to have engaged in deceptive practices. Breslin violated FINRA Rule 8210, which mandates advisors provide accurate testimony in response to its investigations, and FINRA Rule 2010, requiring “high standards of commercial honor.”
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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