June 2020-Staten Island, NY
According to publicly available records of Leonard “Lenny” Kinsman (CRD#2816535) , a former broker who was last registered with Wells Fargo Advisors Financial Network, discloses 5 prior customer disputes and a regulatory action resulting in his bar from the securities industry..
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 5/2020 FINRA barred Kinsman from the industry after he failed to appear for on the record testimony in an investigation related to his termination from his firm and sales practice complaints. The findings stated he had been discharged for unprofessional conduct.
A customer of Kinsman’s previous employer, Wells Fargo Advisors Financial Network, alleging that they were told their investment was principal protected, would be guaranteed an annual return of at least 5%, and had no fees associated with it. The case settled for $24,000.
A customer of Citigroup Global Markets, Inc., alleged the sale of an auction rate security that was made prior to the widespread illiquidity in the ARS Market. The case was settled for $200,626.
A Royal Hutton Securities Corp. customer alleged suitability, misrepresentation, churning and omission of facts. The case settled for $180,000.
A Wells Fargo Advisors Financial Network, customer alleged that from 2012 through 2017, Kinsman made unsuitable investment recommendations as well as forging and falsifying business records. That case was settled for $995,000. FINRA case 19-0957.
Kinsman was employed with Wells Fargo Advisors Financial Network, from June 2014 until July 2019. Before that time he was employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Advisors, Citigroup Global Markets, inc., Citigroup Investment Services, and Royal Hutton Securities.
If you have questions about an account with Leonard Kinsman , call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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