Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

FINRA Bans Former Raymond James Advisor for Attempting to Deceive Investigators

Posted on August 16th, 2023 at 4:02 PM
FINRA Bans Former Raymond James Advisor for Attempting to Deceive Investigators

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï 

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.”

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, ÍøÆØ³Ô¹Ï Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it ÍøÆØ³Ô¹Ï.

Rick R.

LATEST NEWS AND ARTICLES

1778171646 Law
May 7, 2026
FINRA Bars Former Raymond James Broker for Refusing Testimony in Unauthorized Trading Probe

A former registered representative with Raymond James has been barred from the securities industry after refusing to cooperate with a Financial Industry Regulatory Authority (FINRA) investigation into alleged unauthorized trading activity.

1778084309 Law
May 6, 2026
FINRA Outlines Key Rulemaking Priorities and Recent Developments in Quarterly Agenda

The Financial Industry Regulatory Authority (FINRA) recently released its Quarterly Regulatory Policy Agenda, offering a detailed view of its rulemaking priorities, pending proposals, and recently approved regulatory changes.

1778000603 Law
May 5, 2026
Commonwealth Financial Network Resolves SEC Conflict of Interest Case

Commonwealth Financial Network has agreed to pay $5 million to resolve a long-standing conflict of interest case brought by the Securities and Exchange Commission, according to reporting by ThinkAdvisor.