Corporate & Securities Law

Kevin O?Brien: Banned Broker Now Township Trustee

By Mark Maddox

Kevin O?Brien?s flight from the securities industry serves as a reminder to investors that rogue brokers don?t go away, they just find new jobs. O?Brien, a former registered representative with Robert W. Baird & Co., was barred on Sept. 14, 2009, from working in the securities industry. The reason, according to records from the Financial Industry Regulatory Authority (FINRA), had to do with allegations that O?Brien misappropriated for his own use some of the $378,000 he transferred from a client?s account.  

On Dec. 17, 2009, O?Brien was sworn in as the trustee of Anderson Township, a suburb of Cincinnati. Among O?Brien?s responsibilities as trustee: helping to manage the township?s $35 million budget.  

As reported Dec. 23 by Investment News, O?Brien reportedly still dispenses financial advice via his own financial consulting business, O?Brien Private Wealth Management. The firm, however, is not listed in the Securities and Exchange Commission’s database of financial advisory firms.  

Ironically, despite the fact that FINRA permanently revoked his brokerage license, O?Brien touted ?Leadership With Integrity? as part of his campaign platform during his bid for the position of Anderson Township Trustee. 

Equally ironic is O?Brien?s belief that his financial background will be a benefit to the residents of Anderson Township.  

?I have extensive knowledge of municipal financing and budgeting that will greatly assist the township in going forward in difficult economic times,? he said in a Dec. 17 article by Cincinnati.com. 

In that same article, O?Brien said he never tried to keep his legal problems with FINRA a secret during his campaign for trustee. Instead, he says the issue ?was never brought up.? 

Apparently it is now.

Full post as published by Representing Investors on December 29, 2009 (boomark / email).