According to FINRA, Timothy James Breslin was barred from association with any FINRA member in all capacities on August 3, 2023.
FINRA found that Breslin provided falsified bank account statements and checks to FINRA in response to a request for documents, made false statements to FINRA in response to a request for information, and made false statements to FINRA during on-the-record testimony. The requested information concerned allegations in a Form U5 filed by Breslin's member firm that reported he had been discharged for initiating unfunded automated clearing house (ACH) transfers to his personal account and initially lacked candor regarding the same.
In response to a request for information from FINRA, Breslin stated that he had traveled with his brother and a friend and each of these individuals wrote him a check for $5,000 to reimburse him for expenses on the trip. Breslin claimed he deposited both checks into his bank account, but the checks bounced when he deposited them. However, Breslin's statements were false because he did not receive or deposit a $5,000 check from his brother or friend during the relevant period of the request.
FINRA further requested that Breslin provide copies of the checks and identify the corresponding check deposits on his bank account statements. Breslin responded with three falsified checks: the check from his brother, a check from his friend, and another $5,000 check from his friend, which purportedly replaced the prior check from his friend that bounced. On the check from Breslin's brother, Breslin altered the date and amount of the check and removed any identifiable information related to the check's deposit. For the checks from Breslin's friend, Breslin altered the amount and date of both checks and altered the deposit number of one of the checks.
Breslin also provided a falsified copy of his bank account statement, listing deposits of the falsified checks. Specifically, Breslin inserted three deposits into the account statements, but the balance in his account did not change. The morning of Breslin's testimony, he produced another falsified version of his bank account statements. This time Breslin inflated the running balances listed on the statements to falsely reflect deposits of the checks he purportedly received from his brother and friend.
Breslin also provided false testimony by claiming he had received and deposited checks from his brother and friend and that he had submitted genuine bank account statements and checks to FINRA.
Providing false information and falsified documents to securities regulators is among the most serious violations a registered person can commit. It undermines the entire regulatory process and makes it impossible for regulators to protect investors effectively. The bar imposed on Breslin ensures that someone who engaged in such extensive fraud and deception cannot work in the securities industry and harm investors.
