Advisor Alert: Our Attorneys Are Investigating Kirk O’Brien For Investment Fraud

Last Updated: August 2024 (Irvine, CA)

National securities fraud lawyers at Patil Law P.C. are investigating current Osaic FA, Inc. (formerly Lincoln Financial Advisors) broker Kirk O’Brien (CRD #4837590) regarding allegations of recommending unsuitable oil and gas investments.

The recent FINRA arbitration claim raises significant concerns about Mr. O’Brien’s investment recommendations, particularly in light of his multiple business activities including restaurant ownership and teaching retirement planning courses.

Critical Insights About Irvine Financial Advisor Kirk O’Brien

• Advisor Name: Kirk A. O’Brien
• CRD: 4837590
• Location: Irvine, CA
• Current Employer: Osaic FA, Inc.
• Classification: Registered Representative & Investment Adviser Representative
• Primary Location: 18400 Von Karman Avenue, Suite 400, Irvine, CA 92612
• Can Kirk O’Brien be sued in FINRA arbitration: Yes
• Customer Disputes: One pending FINRA arbitration
• Current Registrations: Licensed in 12 states
• Years of Experience: Since 2004
• Previous Employers: Lincoln Financial Advisors (2004-2023)
• Professional Qualifications: Series 7, 66 licenses, Securities Industry Essentials Exam
• Office Locations: Irvine and Santa Barbara, CA
• Outside Business Activities: Co-owner of Lido Bottle Works restaurant, Insurance agent, Retirement planning instructor
• Teaching Activities: Basic retirement planning courses at libraries and community centers

Details of Current Investigation

A FINRA arbitration claim (Case #24-01855) filed in August 2024 alleges that Mr. O’Brien recommended an unsuitable oil and gas investment program. The claimant is seeking $45,000 in damages, claiming the investment recommendation was inappropriate for their investment profile and objectives.

Analysis of Alleged Misconduct

The allegations center on oil and gas investment recommendations, which involve particular concerns:

• High-risk speculative nature
• Complex tax implications
• Limited secondary market
• Potential conflicts of interest
• Significant upfront fees and commissions
• Lack of transparency

Regulatory Framework and Investor Protection

SEC Regulation Best Interest

Reg BI requires Mr. O’Brien to:

• Act in the client’s best interest
• Exercise reasonable care and skill
• Identify and disclose conflicts of interest
• Consider costs and reasonable alternatives
• Document the basis for recommendations

FINRA Rules and Their Significance

FINRA Rule 2111 (Suitability) mandates:

• Reasonable basis suitability
• Customer-specific suitability
• Quantitative suitability
• Documentation of due diligence

FINRA Rule 2310 (Direct Participation Programs) requires:

• Thorough due diligence on oil and gas programs
• Fair and balanced risk disclosure
• Reasonable investigation of sponsors
• Assessment of program costs and fees
• Evaluation of liquidity factors

Professional Background

Mr. O’Brien has been in the securities industry since 2004, with significant experience in:

• General securities business
• Insurance products
• Retirement planning education
• Investment advisory services

Red Flags for Investors

1. Significant time commitments to outside business activities
2. Complex alternative investment recommendations
3. Pending arbitration involving oil and gas investments
4. Multiple office locations requiring travel
5. Potential conflicts between educational seminars and investment recommendations
6. Focus on high-commission alternative investments

Implications for Current and Former Clients

Current and former clients should:

• Review all oil and gas investments
• Evaluate portfolio concentration levels
• Assess risk tolerance alignment
• Document communications about investments
• Consider independent portfolio review
• Understand their rights regarding unsuitable investments
• Review seminar materials and subsequent investment recommendations

Patil Law P.C. Will Help You Recover Your Investment Losses

If you have suffered investment losses in an account handled by Mr. O’Brien or have questions about oil and gas investments in your portfolio, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.