Timothy Patrick Higgins (also known as Tim Higgins), a former broker, was reportedly barred for failure to appear and provide testimony requested by FINRA on two occasions in connection with its investigation into potential excessive trading and unsuitable recommendations, according to an OHO Decision disclosed on his FINRA Brokercheck. Higgins’s alleged misconduct is under review by investment loss attorney, Alan Rosca.
Rosca Scarlato LLC attorney Alan Rosca and his team are investigating the circumstances surrounding Higgins’s sanction. Investors who are concerned about their investments with Timothy Higgins may contact Alan Rosca for a free case evaluation or to provide any helpful information by calling 888-998-0530 toll free, emailing arosca@rscounsel.law, or through the contact form provided on our webpage.
Higgins Was the Subject of Two Regulatory Disputes
FINRA reportedly was “investigating Higgins‘ trading in two of his customers’ accounts because the accounts had indicia of having been excessively traded.”
FINRA reportedly started investigating Timothy Higgins during an examination of his employing broker dealer, Spartan Securities, when it allegedly found evidence of excessive trading.
According to his Brokercheck Report, Higgins allegedly “failed to appear and provide testimony requested by FINRA on two occasions” and as a result was barred from interacting with any FINRA member in any capacity.
Higgins was also the subject of another regulatory dispute disclosure, filled in November of 2004. According to his Brokercheck Report, Higgins reportedly failed to amend the Form U-4 for disclosing customer complaints. The State of Missouri Securities Regulators prohibited Higgins from applying for registration as a securities agent for eight years. Higgins was additionally ordered to pay $1,100 for the costs of the investigation.
Timothy Higgins’s Multiple Customer Dispute Disclosures
According to his Brokercheck Report, Timothy Higgins was the subject of multiple customer dispute disclosures.
A customer dispute disclosure was reportedly filed in February of 2019. The customer alleged breach of contract, unsuitability, excessive trading, and unauthorized trading. The customer requested $137,000 in alleged damages and settled for $45,000.
Another customer dispute disclosure was reportedly filed in April of 2004. The customer alleged that his margined account was liquidated to go into safer mutual funds, but he purchased Class B Funds. The dispute was settled for $9,000. Higgins reportedly denied the allegations.
According to his Brokercheck Report, Higgins was the subject of a customer dispute disclosure filed in July of 2003. The customer alleged improper sales practices including unsuitability and requested $400,000 in damages. The customer reportedly dismissed Higgins from the arbitration in September of 2006 and the dispute shows as settled for $10.
A customer dispute disclosure was reportedly filed in July of 2002. The customer alleged sales practice violations. The customer requested $377,000 in damages and reportedly settled for $130,000.
In July of 2002, another customer dispute disclosure was reportedly filed. The customer alleged suitability and requested $850,000 in damages. The dispute was reportedly settled for $250,000 and Higgins was allegedly dismissed from the claim prior to the settlement.
Another customer dispute claim was reportedly filed in February of 1999. The customer alleged unauthorized trades and requested $40,000 in damages. The dispute was reportedly settled for $24,5000.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any Brokercheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog and are the governing materials in case of any inconsistencies or typos in this blog. While the customer complaints mentioned in the Brokercheck report allege misconduct by Timothy P. Higgins, the Brokercheck report does not appear to indicate whether he was a named party to those customer complaints, or the customers took action solely against the broker-dealer firm(s) that employed him at the time of the alleged conduct. Readers interested to learn more are encouraged to read the Brokercheck report or contact the Rosca Scarlato investor lawyers.
Timothy Higgins Has Been a Registered Broker Since 1993
Timothy Higgins was reportedly most recently employed as a broker with Spartan Capital Securities, LLC, located in Garden City, New York, from 2015 to 2020.
From 2007 to 2015, Higgins served as a broker with Clark Dodge & Co. Inc, located in Garden City, New York. Higgins reportedly was employed as a broker by World Equity Group, Inc, located in Garden City, New York, from 2006 to 2007. From 2005 to 2006, Higgins served as a broker for Andrew Garrett Inc., located in New York, New York.
Higgins was reportedly a broker with LH Ross & Company, located in Boca Raton, Florida, from 2004 to 2005. According to information provided by Brokercheck website, FINRA expelled the firm in March of 2005.
From 1993 to 2004, Higgins served as a broker with Continental Broker-Dealer Corp., located in Carle Place, New York. FINRA reportedly expelled Continental Broker-Dealer Corp. in May of 2004.
Investment Loss Lawyers May Be of Assistance with Compensation Claims
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating circumstances surrounding former broker Timothy Higgins’ alleged excessive trading and unsuitable recommendations.
Rosca Scarlato LLC law firm typically represents clients on a contingency fee basis. This simply means that it advances the case costs and expenses, and fees are only paid from any compensation recovered for clients. Attorney Alan Rosca, an investment loss lawyer and sometimes adjunct professor of securities regulation, has over 14 years of experience representing clients in cases alleging broker misconduct.
