Tag Archives: Kestra Investment Services

Gabe Hynes -Former Kestra Investment Broker- Discloses Two Regulatory Events, Two Customer Disputes and Two Terminations-St. Augustine, FL

May 2020- St. Augustine, FL

The FINRA records of Gabriel (Gabe) William Hynes, a broker previously employed  by Kestra Investment Services disclose two regulatory events, one resulting in his bar from the securities industry , two customer disputes and two 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 January 2020, Hynes was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that he refused to appear for on-the-record testimony as requested by FINRA in connection with an investigations of his sale of Future Income Payments, LLC’s  (FIP) structured cash flow investments.

In August 2017, in FINRA  case 2016051410501 Hynes consented to sanctions and to the entry of findings that he purchased securities issued by privately held companies costing a total of $90,000.   These transactions were outside the course and scope of his employment with his member firm.   Hynes was suspended from FINRA for three months and was fined $10,000.

In July of 2018 FINRA case 18-02386 was filed by a customer of Hynes previous employer,  NYLife Securities  alleging that he misrepresented Future Income Payments (FIP) as a safe investment which would provide monthly payouts of 8% on a “guaranteed basis”.   The case was settled for $1,425,000.

In February 2001 an A.G. Edwards  customer was paid $9,000 to resolve allegations that Hynes authorized sales in order to place him in funds that were risky.

In May 2017, Eagle Strategies and NYLife Securities permitted Hynes to resign after the company became aware he violated company policy by failing to disclose (a) multiple outside business activities and private securities transactions, (b) brokerage account with an outside broker dealer, (c) a federal tax lien.     He had been employed with them since January 2001.

Hynes was employed with Kestra Investment Services from February 2018 until April 2018.

If you have questions about an account  handled by Gabriel (Gabe) Hynes ,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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kestra Investment Services Assessed Regulatory Fine Over Mutual Fund Sales-Austin, TX

February 2019 – Austin, Texas

FINRA recently sanctioned Austin-based Kestra Investment Services (formerly NFP Advisor Services) for over charging more than 3,000 who qualified for waiver of front end sales fees on certain mutual fund purchase.

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.

According to the Letter of Acceptance, Waiver and Consent #2016048404601 recently entered into by Kestra, FINRA alleged that from July 2009-February 2018, Kestra disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in mutual funds without a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.

As a result Kestra violated NASD Conduct Rule 3010, FINRA Rules 3010 and 2010.

FINRA censured Kestra and assessed a regulatory fine of $225,000. In addition Kestra agreed to provide remediation to eligible customers on or before March 31, 2019.

If you have questions about an account with Kestra Investment Services , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Thomas P. Hoover- Kestra Financial Broker-Discloses Customer Dispute-Wichita, KS

April 2017-Wichita, KS

The FINRA records of  Thomas P. Hoover ,  a  stockbroker who is previously  registered with Carey, Thomas, Hoover & Breault  disclose a customer dispute.

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 pending FINRA arbitration 16-1821 a customer of Hoover’s prior employer, Carey, Thomas, Hoover and Breault  (7/1995-10/2016) alleges damages of $100,000 for losses on a real estate investment trust (REIT) purchased in 2011.

Hoover has been registered with Kestra Investment Services since 10/2016.

If you have questions about an account handled by Thomas P. Hoover, call to learn about 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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870