According to a FINRA Discplinary Action announcement, Timothy Damien Moran (CRD #2326078, Paradise Valley, Arizona) recently was barred from association with any FINRA member in any capacity and ordered to disgorge $200,000 of ill-gotten gains.
The sanctions were based on findings that Moran allegedly engaged in private securities transactions without providing his member firm with prior written notice. The findings stated that Moran introduced firm customers to an individual to discuss possible investment in the individual’s hedge fund. Moran recommended that the customers invest, or consider investing, in the hedge fund, or participated in meetings, phone conversations or other communications between his customers and the individual. Some of the customers who Moran introduced to the individual invested approximately $1.69 million in the hedge fund. Moran also invested a total of $150,000 in the fund. Moran received more than $200,000 as compensation for his assistance in obtaining investments in the hedge fund. Moran failed to disclose his involvement or participation in selling interests in the hedge fund to his firm or obtain the firm’s permission to participate in the private securities transactions. The findings also stated that Moran failed to respond to FINRA requests for documents and information, and provided false information to FINRA. Moran stated that he had not received any compensation for referring clients to the hedge fund and stated that he had received more than $200,000 from the hedge fund as payment for allowing the individual to use his computers. The findings also included that Moran failed to timely amend his Form U4 to disclose a tax lien filed by the Internal Revenue Service (IRS) for $216,654.
For the full findings, see FINRA Case #2012031023301.
According to Moran’s FINRA Broker Report, he was employed by FSC Securities from May 2010 through December 2011, by Cambridge Investment Research from June 2008 through April 2010, and from Multi-Financial Securities from January 2005 through June 2008.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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