Joel Kichline Investigation
April 2022- Frontenac, MO
According to publicly available records, Joel Kichline, a currently unregistered broker who was previously employed with Stifel, Nicolaus & Company in Frontenac, MO. , discloses 2 regulatory events, a final customer complaint and 2 terminations from employment.
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 February of 2022, the State of Missouri file case #AP-22-03 alleging violations of Sections 409.4-412(b) and 409.4-412(d)(5)(C) and ordered sanctions of a one month suspension (2/7/2022-3/6/2022) and levied a $2,500 fine against Kichline individually.
In 1/2022 in FINRA case #2020067473501 , Kichline consented to the sanctions and to the entry of findings that he exercised discretion on 1,519 occasions in the accounts of five customer while employed by Raymond James. The findings stated that although the customers gave Kichline oral discretion to purchase or sell securities, none of the customers provided prior written authorization for him to exercise discretion in their account. None of the accounts had been approved as discretionary account. Sanctions ordered by FINRA were a one month suspension and a fine of $5,000, levied against Kichline individually.
In February of 2022, Kichline voluntarily resigned from Stifel, Nicolaus & Company, where he had been employed since 8/2020, in response to allegations of possible use of discretion without written authorization.
In July of 2020, Kichline was discharged from employment by Raymond James in response to allegations that he violated firm policy by exercising discretion without authorization from certain clients prior to placing those clients’ non-discretionary accounts and by exceeding time and price discretion authority with regard to other clients.
Kitchline was employed by Raymond James from May of 2009 until August of 2020.
If you have questions about an account handled by Joel Kichline, call to speak with an experienced securities attorney. No charge for initial consultation.
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