PATRICK JOSEPH FLANAGAN

PATRICK JOSEPH FLANAGAN is currently employed as a Broker and/or Investment Adviser at ROYAL ALLIANCE ASSOCIATES, INC. located at SHORE CROSSING, 3600 ROUTE 66, SUITE 150, NEPTUNE, NJ, 07753.

PATRICK JOSEPH FLANAGAN has worked at ROYAL ALLIANCE ASSOCIATES, INC. since November 02, 2007

Disclosure History

PATRICK JOSEPH FLANAGAN has 2 Disclosure Event(s).

Date: September 16, 2004
Category: Customer Dispute
Allegations: UNAUTHORIZED TRADING AND WITHDRAWAL OF FUNDS
Damage Amount Requested: $500,000.00
Settlement Amount: $165,000.00
Broker Comment: COMPLAINT WAS FILED BY CLIENT'S SON, AND INVOLVED THE FIRM AND THE FIRM'S BRANCH MANAGER AS WELL, WHO WAS ALSO THE SOLE REGISTERED REPRESENTATIVE ON THE ACCOUNT. I CONTACTED THE FIRM REGARDING IRREGULARITIES IN THE HANDLING OF THE ACCOUNT, AND NO ACTION WAS TAKEN ON THEIR PART. THE MATTER ULTIMATELY GREW TO A CUSTOMER COMPLAINT IN WHICH THE FIRM SUPPORTED THE ACTIONS OF THE BRANCH MANAGER AND LED TO MY SIMULTANEOUS TERMINATION. BRANCH MANAGER/REGISTERED REP ON THE ACCOUNT WAS NOT TERMINTED. THE MATTER WAS SUBSEQUENTLY REVIEWED BY THE NASD AND THE CFP BOARD OF STANDARDS, AND THEY DETERMINED THAT NO ACTION WAS WARRANTED ON THEIR PART.

Date: April 30, 2003
Category: Employment Separation After Allegations
Firm Name: FIRST MONTAUK SECURITIES CORP.
Termination Type: Discharged
Allegations: SEE BELOW
Broker Comment: ON SEVERAL OCCASIONS FUNDS WERE WIRED OUT OF A JOINT REVOCABLE TRUST ACCOUNT FOR WHICH MR. FLANAGAN AND THE CLIENT WERE CO-TRUSTEES TO CLIENT/CO-TRUSTEE'S PERSONAL CHECKING ACCT FOR THE LIVING NEED'S OF THE CLIENT. FUNDS WERE ISSUED FROM THE TRUST ACCOUNT BY THE CLIENT AND DEPOSITED TO MR. FLANAGAN'S BUSINESS OFFICE ACCT HELD JOINTLY WITH ERNEST CAPONEGRO, THE BRANCH MANAGER AND REGISTERED REP ON THE ACCOUNT. THE ACCOUNTS IN QUESTION WERE ACCOUNTS MAINATINED WITH THE BRANCH MANAGER AS WELL. AFTER BRINGING VARIOUS IRREGULARITIES IN THE HANDLING OF THE BROKERAGE ACCOUNT AND CLIENT'S ASSETS TO FIRM'S ATTENTION ON SEVERAL OCCASSIONS, NO ACTION WAS TAKEN ON THE FIRM'S PART, AND I WAS SUBSEQUENTLY TERMINATED. THE BRANCH MANAGER/REGISTERED REP ON THE ACCOUNT WAS NOT TERMINATED. THE MATTER WAS REVIEWED BY THE NASD AND CFP BOARD OF STANDARDS, AND IT WAS DETERMINED THAT THERE WAS NO ACTION NEEDED ON THEIR PART. NEITHER OF THESE BODIES ISSUED FINES, SUSPENSIONS OR LETTERS OF ADMONITION OF MANY KIND.

More Information

All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.

A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

To view the full report for PATRICK JOSEPH FLANAGAN, click here.

The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.