Frederic O’Hara, Formerly of Sagepoint Financial, Suspended by FINRA Over Allegations He Engaged in Unapproved Outside Business Activities

O’Hara consented to a nine-month suspension and a $10,000 fine for his misconduct.

The Sonn Law Group is investigating allegations that Frederic O’Hara engaged in an unapproved outside business activity. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Frederic O’Hara (CRD#: 351490) was a registered broker for Sagepoint Financial from 2010 until 2018. In March 2020, O’Hara consented to sanctions by FINRA in the form of a nine-month suspension and a $10,000 fine. O’Hara also consented to FINRA’s findings that he engaged in outside business activity by serving as an outside director of a private company without providing prior written notice to his member firms.

The findings stated that O’Hara participated in undisclosed private securities transactions in the company’s shares totaling $63,000, including his own $10,000 purchase. O’Hara did not provide his firms with prior written notice of his purchase or of any of the private securities transactions. 

The findings also stated that O’Hara misrepresented to firm compliance personnel that he had never discussed the company with any of his securities clients. The findings also included that O’Hara provided a firm customer with sales materials, including promotional DVDs and year-end account summaries that contained valuations of the company’s shares. The DVDs did not contain risk disclosures and the summaries lacked a reasonable basis to evaluate the valuations.

O’Hara has been the subject of five customer disputes since 2003. Two of those have been settled. The first was brought in December 2008. The client alleged that in 2007, O’Hara sold two variable annuities to him, and it was his intent to have riders on both contracts. However, O’Hara failed to select the rider option on the application. This matter was settled for $62,000.

The second customer disputes was brought in June 2016. The client alleged that the benefits, fees, and charges associated with their variable annuity investments were misrepresented. The matter was settled for $7,500.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Frederic O’Hara engaged in unapproved outside business activities. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.