Corporate & Securities Law

Kevin O?Brien: Citizens Launch Campaign Against Broker-Turned Trustee

By Steven Caruso

Kevin O?Brien?s past has come back to haunt him. After learning the former Robert W. Baird & Co. broker was kicked out the brokerage industry, a group of Cincinnati residents have waged a campaign to get O?Brien to resign from his position as the newly elected trustee of Anderson Township. 

O?Brien took office in November. As trustee, he shares management responsibilities for overseeing the town?s finances. 

The residents who are calling for O?Brien?s resignation cite the former broker?s records with the Financial Industry Regulatory Authority (FINRA). On Sept. 14, O?Brien was banned for life from the working in the securities industry over allegations that he misappropriated for his own use some of the $378,000 he transferred from a client?s account. O?Brien accepted the sanction without admitting or denying FINRA?s findings. He was later fired from Robert W. Baird & Co., the brokerage firm where he worked when the alleged violations occurred. 

O?Brien?s records can be viewed here.

As reported Jan. 15, 2010, by Investment News, a group of Anderson Township citizens have filed a subpoena requesting O?Brien?s records from Robert W. Baird. According to the article, the information will offer additional evidence as to why a court should order O?Brien to significantly increase the $1,000 bond all Ohio township trustees must have before they take office. The higher bond would give the township greater protection in the event possible legal action against O?Brien occurs from the securities case. 

?The right thing for him to do would be to resign,? said Courtney Laginess, an Anderson Township resident, in an article posted on Cincinnati.com. ?To be permanently barred from practicing securities is a very big deal. It really goes to the honesty and trust issue.? 

Full post as published by Representing Investors on January 17, 2010 (boomark / email).