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Timothy Shaughnessy Allegedly Closed Account Without Client’s Authorization

Timothy Shaughnessy (CRD #: 5658119), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly acted without a client’s permission, according to his BrokerCheck record, accessed on March 8, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On December 9, 2022, an investor alleged that Timothy Shaughnessy closed an account and opened a new account without their authorization. This dispute is currently pending.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Opening and closing accounts without customer authorization may violate this rule. 

Background Information

Timothy Shaughnessy has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Timothy Shaughnessy is a registered broker in 25 states and a registered investment adviser in Florida and Texas.

He has also worked for Park Avenue Securities (CRD#:46173) and Waddell & Reed (CRD#:866).

Kurta Law Can Help

If you worked with Timothy Shaughnessy 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.