Our firm is investigating D. Boral Capital stockbroker Brendan Bryan Behan (CRD# 5681974) of Woodbury, New York for potential investment-related misconduct.
Stockbroker Career History
Brendan Bryan Behan is currently registered with D. Boral Capital in Woodbury, New York, where BrokerCheck shows he has been registered since March 4, 2024. His prior registrations listed in BrokerCheck include Aegis Capital Corp. in Melville, New York from July 2023 through March 2024 as an investment adviser representative, Aegis Capital Corp. in Melville, New York from September 2012 through March 2024 as a broker, Max International Broker/Dealer Corp. in New York, New York from June 2009 through January 2013, and NSM Securities, Inc. in West Palm Beach, Florida from July 2012 through September 2012.
Brendan Bryan Behan Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects two final customer dispute disclosures for Mr. Behan, both reported as settled. The reported allegations include unsuitable transactions, unauthorized trading, and churning, with both matters tied to his time at Aegis Capital Corp. BrokerCheck also notes that customer disputes may contain allegations that are contested, unresolved, or settled without any admission or finding of wrongdoing.
Disclosure 1: Unsuitable Transactions Allegation
The first disclosed matter was filed with FINRA in Philadelphia, Pennsylvania under docket number 21-00273. BrokerCheck states the claim alleged unsuitable transactions during an unspecified time frame while Mr. Behan was associated with Aegis Capital Corp. The arbitration was filed on February 1, 2021, the complaint was received on February 3, 2021, and the matter reached settled status on May 26, 2022. BrokerCheck reports that alleged damages were listed as $0.00, but the damages explanation stated that damages from the alleged conduct were estimated to be $5,000 or more. The settlement amount was $87,500.00, with an individual contribution amount of $0.00.
Disclosure 2: Unsuitable Investments, Unauthorized Trading, and Churning Allegation
The second disclosed matter was filed with FINRA in Chicago, Illinois under docket number 20-03965. BrokerCheck states that the allegation involved unsuitable investments, unauthorized trading, and churning during the period from August 2019 to August 2020, again while Mr. Behan was associated with Aegis Capital Corp. The arbitration was filed on December 3, 2020, the complaint was received on December 7, 2020, and the matter was marked settled on April 4, 2022. BrokerCheck lists alleged damages of $50,000.00 and states damages were estimated to be between $50,000 and $100,000. The settlement amount was $67,500.00, with an individual contribution amount of $0.00. In the broker statement, Mr. Behan denied the allegations and stated that communications, phone records, and paperwork would prove them baseless.
Disclosure Summary
- Customer Dispute 1 — Allegation: unsuitable transactions; Forum: FINRA, Philadelphia, PA; Docket No.: 21-00273; Filed: 02/01/2021; Received: 02/03/2021; Status: Settled on 05/26/2022; Settlement: $87,500.00; Individual Contribution: $0.00.
- Customer Dispute 2 — Allegation: unsuitable investments, unauthorized trading, and churning; Time frame: August 2019 to August 2020; Forum: FINRA, Chicago, IL; Docket No.: 20-03965; Filed: 12/03/2020; Received: 12/07/2020; Status: Settled on 04/04/2022; Settlement: $67,500.00; Individual Contribution: $0.00.
To obtain a copy of Brendan Bryan Behan’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 is the suitability rule. It requires a broker to have a reasonable basis to believe that a recommendation is suitable for the customer based on that customer’s investment profile, including factors such as age, financial situation, risk tolerance, and investment objectives. In the disputes reported on Mr. Behan’s BrokerCheck record, the allegations of unsuitable transactions and unsuitable investments directly implicate Rule 2111 because those allegations assert that the recommendations or trading activity did not fit the customer’s needs or objectives.
FINRA Rule 3260 addresses discretionary accounts and helps frame many unauthorized trading allegations. A broker generally cannot exercise discretion in a customer account unless the customer has given prior written authorization and the account has been accepted by the firm as discretionary. Where a customer alleges unauthorized trading, the issue is whether trades were placed without the customer’s knowledge or approval, or whether the broker acted beyond the scope of any authority given. In the Behan disclosures, the unauthorized trading allegation fits that type of concern.
FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. It is one of FINRA’s broad conduct rules and is often implicated when allegations involve churning, unsuitable trading, or trading without authority. In practical terms, if a broker engaged in excessive trading to generate commissions, or placed trades contrary to the customer’s instructions or interests, that conduct can raise Rule 2010 issues because it goes to basic fairness and honesty in dealings with investors.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.
