Recovering Losses caused by Investment Misconduct

State Says Banned Broker Currently Serving As Investment Adviser in Ohio

Three years ago, FINRA permanently barred Kevin O'Brien, owner and operator of Cincinnati- based O'Brien Private Wealth Management LLC, from working in the securities industry. According to The Ohio Division of Securities, that ban was ignored.

In a notification issued earlier this month, the Ohio Division of Securities said it intends to file a cease-and-desist order against O'Brien for discounting the ban and working in the securities industry as an unregistered investment adviser ("Regulators: Banned broker continued advising clients," InvestmentNews, June 26, 2011).

The firm's website, which touts its "personal service" and calls itself a "trusted resource" that provides "peace of mind," lists O'Brien as a "licensed Insurance Agent." State officials say, however, that the firm's investor adviser license (filed on the same day O'Brien's securities license was terminated by FINRA) stated that the firm planned to provide "financial planning services, portfolio management for individuals and businesses, and pension consulting services."

In 2008, O'Brien submitted to but neither admitted nor denied FINRA's allegations that he swindled a client out of more than $300,000 in his role as a registered representative with Robert W. Baird & Co Inc. Today, however, he is actively denying the state's allegations, saying according to InvestmentNews, "I've never provided investment advice in violation of state or federal laws." (For more info, click here to read the InvestmentNews article.)

O'Brien, who also serves as an Anderson Township trustee, has 30 days to respond to the state's notice.
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