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Brian Donnelly: Manhattan Ridge Advisor Suspended by FINRA
Former Iselin, New Jersey financial advisor Brian Donnelly (CRD# 4288121) allegedly participated in an undisclosed private securities transaction, according to a recent sanction suspending him from acting as a broker. Financial Industry Regulatory Authority records show that he was most recently a broker and investment advisor with First Allied Securities, doing business as Manhattan Ridge Advisors.
According to a Letter of Acceptance, Waiver and Consent (No. 2021071491001) issued by FINRA in June 2022, Mr. Donnelly engaged in a private securities transaction involving a customer at First Allied Securities whom he introduced to “the president of a company seeking investments in limited partnership units” in February 2020. Following the introduction, the AWC Letter states, he provided the customer a private placement memorandum for the limited partnership investment as well as “a presentation about the company,” going on to discuss with the customer how payment for the investments should be made.
The customer subsequently made an investment of $250,000 in the company in June 2020, after which Mr. Donnelly allegedly kept serving as a intermediary between the customer and the company, at one point receiving an account statement from the company that he provided to the investor. FINRA found that he “failed to provide prior written notice” to First Allied Securities of his participation in the private securities transaction, which “was outside the regular course and scope of his employment” with the firm. Finding he violated FINRA rules, including by using his personal email account to communicate with the customer about securities transactions, FINRA suspended Mr. Donnelly from associating with any FINRA member in all capacities for a period of four months.
Mr. Donnelly’s BrokerCheck report discloses one investor complaint. Filed in 2019, it alleges that he recommended an unsuitable investment in GPB Capital. In 2020 the complaint reached a settlement of $55,000.
In 2015, Mr. Donnelly resigned from his position at Gitterman Wealth Management in relation to alleged misconduct. According to a disclosure on his BrokerCheck report, he was “permitted to resign” following allegations he “initiated transactions that would have resulted in multiple commissions for a single transaction,” losing the firm’s confidence.
According to the Financial Industry Regulatory Authority, Brian Donnelly holds 19 years of securities industry experience. Formerly based in Iselin, New Jersey, he is currently suspended from acting as a broker. His past registrations include First Allied Securities, Triad Advisors, and ING Financial Advisers. He currently holds no state licenses. (Information current as of June 24, 2022.)
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