FINRA has filed a complaint against Jeremy Gerald Tintle (CRD #2817173, Registered Representative, Atlanta, Georgia) alleging that he participated in a private securities transaction outside the scope of his association with his member firm, without providing the firm with prior written notice of the proposed transaction, his proposed role in it or the selling compensation he might receive from the transaction. See FINRA Case #2010024623501.
FINRA alleges that while associated with Morgan Keegan & Company, Inc., Tintle participated in a private securities transaction without providing prior written notice to Morgan Keegan describing the proposed transaction and his proposed role therein; made an unsuitable investment recommendation to a customer; and converted and misused customer funds. FINRA also alleges that while associated with Oppenheimer & Co., Inc., Tintle again converted and misused customer funds.
According to the complaint, CTE was a limited partnership formed to invest substantially all of its assets in a master fund. The offering materials for CTE stated that an investment in CTE was speculative, illiquid, and involved a high degree of risk, and investors in CTE were required to be accredited. Beginning in or about June 2007, Tintle proposed to Morgan Keegan that the firm approve CTE for sale through the firm. CTE was never approved by Morgan Keegan for sale through the firm. In or about September 2007, Tintle nevertheless recommended that a Morgan Keegan client invest in CTE, following which the client wired $1 million from her Morgan Keegan account to a third party account of CTE.
Further, Tintle’s recommendation that the customer invest $1 million in CTE was unreasonable in light of her risk tolerance and investment objectives. Moreover, the $1 million investment in CTE constituted more than 70 percent of the 58-year-old client’s liquid net worth, thereby resulting in an unsuitable concentration of her liquid assets. The customer suffered a loss of approximately $153,396 on her investment in the entity.
FINRA also alleges that at various times from approximately March 2008 to approximately October 2009, Tintle misused and converted customer funds by inducing the customers to withdraw funds from their brokerage accounts and wire the funds to third parties as directed by Tintle. The funds were not applied to the purchase of securities as intended by the customers but were retained by the transferees.
If you were a customer of Tintle, Morgan Keegan, or Oppenheimer, and experienced investment losses or account irregularities, please call us at 844-689-5754 or complete our “contact form.” Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.