National investment loss lawyers KlaymanToskes reports broker/investment advisor Colin Jeremiah Healy (CRD# 4672687) has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”). The decision comes after Healy allegedly improperly sought and obtained reimbursement for personal expenses from his former firm, and improperly used firm funds.
According to FINRA BrokerCheck, Colin Healy was previously registered as a broker with Hightower Securities from 2008 to 2021 in Belvedere, CA, and as an investment advisor with Hightower in Chicago, IL. Healy is currently registered as an investment advisor with Pathway Partners Wealth Advisors in Amherst, NY.
Investors that suffered losses with Colin Healy may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
On June 14th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Colin Healy, disclosing that Healy consented to sanctions of a one-year suspension from associating with any FINRA member in all capacities and a $10,000 fine.
According to the AWC, the matter originated from FINRA’s review of a Form U5 amendment filed by Hightower Securities in July 2021. On July 5, 2021, Hightower filed a Form U5 amendment disclosing that the firm received an anonymous complaint which alleged Healy of using his firm credit card for personal expenses and that he “was terminated due to violations of the firm’s expense reimbursement policy.”
Part of Healy’s work at Hightower Securities allegedly involved meeting business contacts at private clubs. These clubs allegedly charged Healy’s corporate credit card for all charges incurred. FINRA found that “From 2018 to early 2020, Healy incurred personal expenses at these clubs in the amount of $6,139.28, which were charged to his corporate credit card, in addition to business expenses.”
In addition, the AWC states that “The personal expenses included charges such as $277.31 for ‘pool lessons’ and $360 for ‘tennis clinics.’ Healy then submitted the charges from the clubs, which included both his personal and business expenses, to Hightower for reimbursement as business expenses.” Hightower allegedly reimbursed Healy for the personal expenses.
By obtaining reimbursement for personal expenses, Colin Healy improperly used firm funds and violated FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
According to FINRA, brokerage firms are responsible for the supervision of all of the activities of their registered brokers/financial advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Investors that suffered losses with Colin Healy may have recovery options. Contact attorney Lawrence L. Klayman, Esq., to discuss your legal options at 888-997-9956 or by email at lklayman@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com