April 2017- Arlington, TX
According to publicly available records Kermit G. Gable, Jr. , (CRD# 2202745 ) , a former stockbroker who last worked for Cambridge Investment Research discloses a separation from employment after allegations and a suspension of his investment adviser registration by the Texas State Securities Board (TSSB) .
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 November 2016, Gable was permitted to resign from Cambridge Investment Research who alleged “RR permitted to resign due to improper trading in client advisory accounts.”
In April 2017 the Texas State Securities Board entered Disciplinary Order No. REG17-SUS-03 against Kermit G. Gable, Jr. suspending his investment adviser representative registration for 150 days. The TSSB finding states that Gable entered a significant number of buy and sell orders in a block trading account as part of an active trading strategy. Certain of the trades were allocated to two client accounts and some of the trades were allocated to Gable’s personal account. The trade allocations were not evenly distributed to the accounts of the clients and the account of Gable.
Gable was employed by Cambridge Investment Research from 2/2012-12/2016.
If you have questions about an account handled by Kermit G. Gable, Jr. , contact us to discuss your legal options.
Block Trading as defined by Investopedia: “A block trade, also known as a block order, is an order or trade submitted for the sale or purchase of a large quantity of securities. A block trade involves a significantly large number of equities or bonds being traded at an arranged price between two parties, sometimes outside of the open markets, to lessen the impact on the security price. In general, 10,000 shares of stock, not including penny stocks, or $200,000 worth of bonds are considered a block trade.”
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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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