January 2020- Fresno, CA
The FINRA records of Kendall J. Groom , a broker previously employed by Independent Financial Group , disclose a regulatory event 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 August 2019, Groom was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that as trustee he diverted approximately $460,000 of the trusts’ assets to brokerage, advisory, and bank accounts that he owned or controlled.
In addition to the bar from the industry, he was ordered to disgorge over $262,000 and pay penalties and interest in excess of $200,000.
Groom worked for Independent Financial Group from December of 2016 to August of 2019. From November of 1999-December of 2016, he worked for Cetera Financial . Groom discloses a business affiliation with Groom, McCormick LLP, an accounting firm.
If you have problems in an account handled by Kendall J. Groom call for a no charge consultation .
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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