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Rating:NASD Takes Action Against Piper Jaffray Broker Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, December 05, 2003

NASD Takes Action Against Piper Jaffray Broker

by: Nicole Halsey

NASD has filed an enforcement action against Thomas J. O'Neill, a former U.S. Bancorp Piper Jaffray broker in the company's Butte, Montana office charging him with various sales practice violations.

In the complaint, NASD charges that over a four year period, O'Neill recommended volatile, high risk stocks to customers resulting in high concentrations of their assets in these stocks. NASD rules require that a broker must prove the reasons his recommendations are suitable for customers.

O'Neill was terminated from the company two years ago and has refused to cooperate with the NASD investigation. As a result, he has also been charged with failing to appear for investigative testimony before NASD. His testimony was supposed to cover a number of issues relating to his communications, recommendations and interactions with specific Piper Jaffray customers. NASD's investigation of supervision issues is continuing.  

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