Thomas O’Driscoll Faces Two-Month Suspension by FINRA

Thomas O’Driscoll (CRD #: 2416678), a broker registered with Torch Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on December 2, 2024. If you want to know more about his alleged conduct as a broker, read on.

FINRA Suspension

On November 20, 2024, Thomas O’Driscoll and Torch Securities consented to the entry of findings that they allegedly failed to conduct annual independent testing of its anti-money laundering (AML) compliance program from 2005-2022.

A Letter of Acceptance, Waiver & Consent (AWC) further alleged that Thomas O’Driscoll submitted two backdated documents to FINRA concerning his disclosure of outside business activities to Torch Securities. These documents were allegedly backdated to 2016 and 2019, but created by Thomas O’Driscoll in 2023.

The AWC concluded that these allegations constituted violations of FINRA Rules 3310(c) and 2010 on the part of Torch Securities, and violation of FINRA Rule 2010 by Thomas O’Driscoll.

FINRA Rule 3310

FINRA Rule 3310 requires firms to have anti-money laundering programs in place in order to comply with the Bank Secrecy Act. The Bank Secrecy Act requires financial institutions to report suspicious transactions. Rule 3310(c) specifically requires firms to conduct annual independent testing of AML systems.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Thomas O’Driscoll consented to the following sanctions:

• 2-month suspension from associating with FINRA members
• $5,000 fine

His suspension will run from December 16, 2024, to February 15, 2025.

Torch Securities also consented to a $5,000 fine.

You can read the full AWC here.

Outside Business Activities

Thomas O’Driscoll discloses the following outside business activities in his detailed BrokerCheck report:

• Minority investor in Belvin Engine Research Corporation, an engineering development company
• Managing member of O’Driscoll Enterprises, LLC, providing operations management and transactions concerning mergers and acquisitions
• Director and Secretary of Living Donor Adventures, a charity encouraging organ donation

Background Information

Thomas O’Driscoll has passed the following exams:

• Compliance Officer Examination – Series 14
• Financial and Operations Principal Examination – Series 27
• General Securities Principal Examination – Series 24
• Operations Professional Examination – Series 99TO
• Investment Banking Registered Representative Examination – Series 79TO
• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Uniform Securities Agent State Law Examination – Series 63

Thomas O’Driscoll is a registered broker in Texas.

He has also worked for the following firms:

• McKinley Securities (CRD#:120584)
• Schnitzius & Vaughan (CRD#:29047)
• J.P. Morgan Securities (CRD#:18718)
• Chase Securities of Texas (CRD#:17116)

Kurta Law Can Help

If you worked with Thomas O’Driscoll 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 that 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.