Francis Thomas Mullen (CRD #1240147) Has Customer Dispute, Termination, and Tax Lien Disclosures on FINRA BrokerCheck

Francis Thomas Mullen (CRD #1240147) was previously registered as a broker. FINRA BrokerCheck reports that he is not currently registered. We reviewed his BrokerCheck report on February 3, 2026. It reflects one customer dispute, one termination, and five tax liens. If you invested with Francis Mullen and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation

Francis Mullen’s FINRA BrokerCheck report lists one employment separation disclosure. A summary is below:

FINRA BrokerCheck states that Salient Capital L.P. discharged Francis Mullen on January 9, 2026. The firm reported the reason as failure to disclose unsatisfied financial disclosures. The report notes that no clients were affected.

Investor Disputes / Customer Complaints

Francis Mullen’s FINRA BrokerCheck report lists one customer dispute disclosure. A summary is below:

In an arbitration matter served on August 11, 1986, a customer alleged negligence in executing an options transaction. The customer sought $19,349.84 in damages. BrokerCheck lists the matter as settled on July 16, 1987 for $14,000. It also reports an individual contribution of $1,500.

Judgment / Lien

Francis Mullen’s FINRA BrokerCheck report lists five judgment/lien disclosures. Below are two examples:

BrokerCheck lists a $26,397.40 state tax lien filed on October 8, 2025 in Placer County, California. The lien is reported as outstanding.

BrokerCheck also lists a $11,572.92 New York state tax warrant filed on May 31, 2017 in Albany, New York. It is reported as outstanding. The broker statement says a payment plan was set to begin on January 15, 2026.

BrokerCheck lists three additional tax liens for Francis Mullen.

Rule Summary #1: FINRA Rule 1122 (Filing of Misleading Information as to Membership or Registration)

FINRA Rule 1122 addresses filings tied to membership and registration. It prohibits incomplete or inaccurate information that could mislead. It also requires correcting a filing after notice.

Rule Summary #2: FINRA Rule 2360 (Options)

FINRA Rule 2360 sets standards for options accounts and options transactions. It includes requirements tied to supervision and customer protection. Disputes about options trades may raise questions about how an order was handled and confirmed.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.
2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.
3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.
4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Francis Mullen:

Is not currently registered.

Has passed the Securities Industry Essentials (SIE) exam. BrokerCheck also lists Series 7TO, Series 7, and Series 3. It lists principal exams that include Series 24 and Series 8. It also lists Series 63 and Series 65.

Was previously registered with firms that include Salient Capital L.P., Putnam Lovell Securities Inc., and Jesup & Lamont Securities Corp.

Kurta Law Can Help

If you have worked with Francis Mullen and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. You can read more about potential claims and investor protections in the resources below. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: FINRA Arbitration | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.