NASD has filed an enforcement action against Thomas
, 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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