According to FINRA’s letter of Acceptance, Waiver and Consent (AWC), Brian J. Egan was associated as a General Securities Representative with Independent Financial Group, LLC from April 2010 until the firm discharge him on July 29, 2015. Prior to IFG, Egan was associated with two other member firms from September 2002 to April 2010. Egan is also a CPA with an accounting and tax preparation practice.
FINRA alleges Egan held trading authority over the accounts, which belonged to him, his family and customers of his accounting and tax preparation practice, according to the AWC. He purportedly transferred funds and securities from certain customer accounts to his own.
The White Law Group is investigating the liability that Egan’s employers may have for losses sustained by his clients. Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Egan violated FINRA rules and his employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.