Investor Alleges John O’Leary Misrepresented, Churned Funds

John O’Leary (CRD #: 2354306), a broker registered with UBS Financial Services, allegedly misrepresented and churned a client’s investments, according to his BrokerCheck record, accessed on May 5, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On February 9, 2023, an investor alleged that John O’Leary misrepresented certain funds as being good “core” investments to be held long-term, then sold the investments at a loss only a year later.

The investor further alleges that John O’Leary churned these funds to purchase high-compensation new issues that were similar to the original funds. The client sought $419,769.72 in damages but the firm denied the dispute.

However, investors should know that firms can deny disputes without an outside review. Investors can still pursue FINRA arbitration after a denial and may be able to recover their losses.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deception, manipulation, and other fraudulent means of influencing investors’ decisions. Misrepresenting an investment’s risks, requirements, or other features violates this rule.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the investor’s profile, which contains information about their tax status, risk tolerance, and age.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

Background Information

John O’Leary has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 65 – Uniform Investment Adviser Law Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

John O’Leary is a registered broker in 31 states and the District of Columbia. He is also a registered investment adviser in Florida, New Jersey, and Texas.

He has also worked for the following firms:

• Wachovia Securities (CRD#:19616)
• Zachary Jackson Securities (CRD#:38553)
• Prudential Securities (CRD#:7471)
• Smith Barney (CRD#:7059)
• Lehman Brothers (CRD#:7506)

Kurta Law Can Help

If you worked with John O’Leary and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.