(FINRA Case #2015047910601)
Timothy Thomas Gibbons (CRD #219872, New Orleans, Louisiana) – An AWC (Accept, Waiver & Consent) was issued in which Gibbons was assessed a deferred fine of $20,000, suspended from association with any FINRA member in all capacities for 18 months and ordered to pay deferred partial restitution of $716,749.78, plus interest, to customers.
Without admitting or denying the findings, Gibbons consented to the sanctions and to the entry of findings that he made unsuitable investment recommendations to five elderly, retired customers, who ranged in age from 72 to 90, when he over concentrated the customers’ accounts in a single, high-risk energy sector security.
The findings stated that some of Gibbons’ recommendations were unsuitable for each customer based on the customer’s age, risk tolerance, investment objectives and financial circumstances. Gibbons’ investment recommendations resulted in collective realized and unrealized losses of over $960,000 in the customers’ accounts.
Gibbons was employed by Morgan Stanley (CRD# 149777) from 2009 until 2015
The suspension is in effect from November 20, 2017, through May 19, 2019.
If you are an investor that lost money with Timothy Thomas Gibbons or any broker you should consider all legal options. If you wish to discuss your particular situation and the potential for the recovery of your investment losses, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a FREE EVALUATION of your potential case.