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
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.
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