FINRA fined and suspended former Thomas Joseph Breslin Jr., formerly of LPL Financial's San Diego, California branch, for engaging in private securities transactions in a penny stock without notifying LPL, introducing five LPL customers to the company during the same period.
The findings state that between 2014 and 2016, Breslin (CRD #3252236) purchased 15,000 shares of an unidentified biopharmaceutical company for $150.00—averaging about one cent per share—without first obtaining approval from LPL Financial, furthermore inaccurately stating on annual compliance questionnaires that he had not participated in any private securities transactions.
Breslin allegedly introduced five LPL Financial clients to the microcap biopharma company, arranging a meeting between the company and one of these investors. Breslin also purportedly delivered an investor's funds to the company, as the customers collectively invested more than $375,000 in the company.
LPL discharged Breslin in 2016 based on allegations that he "directed clients to unapproved investment, in violation of Firm policy."
Breslin's BrokerCheck report indicates additional employment at Balboa Wealth Partners, Inc. of Newport Beach and a former association with Linsco in San Diego. Additionally listed business activities include non-variable life insurance and annuities sales out of Solana Beach, CA, and an association with Seven Summits Wealth Management, also of Solana Beach.
If you have invested with former LPL Financial broker Thomas Joseph Breslin Jr. in Southern California or with any broker or financial adviser whose undisclosed or unapproved private securities transactions conducted away from a FINRA-member firm has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.