NVESTOR ALERT: Misconduct Allegations Against Securities America Brokers THOMAS ABBOUD, KENNETH FOREMAN, ROBERT MITCHELL JR.
Securities America, Inc. (CRD#: 10205, Lavista, Nebraska), which is a brokerage firm regulated by FINRA’s Kansas City district office, revealed through FINRA BrokerCheck that several of its brokers allegedly engaged in conduct that could have both run afoul of FINRA Rules and harmed customers. For example, take a look at disclosures of Securities America, Inc. brokers Thomas Abboud, Kenneth Foreman and Robert Mitchell Jr:
Securities America Permits Thomas Abboud To Resign For Possible Forgery, Unapproved Trades
Thomas Michael Abboud (CRD#: 2178385, Aurora, Colorado) is a prior Securities America general securities representative. Evidently, Thomas Abboud worked for Securities America from September 8, 2015 to October 19, 2017. Supposedly, the firm permitted Thomas Abboud to resign after allegations of his misconduct surfaced. Allegedly, Thomas Abboud may have forged a customer’s signature on investment-related documents. Not only that, but Securities America reported that Thomas Abboud previously violated the firm’s policies several times. Particularly, he purportedly submitted investment-related business without the firm’s consent, and did not adequately respond to the firm’s concerns about his trading. Previously, Thomas Abboud was a general securities representative of LPL Financial and MetLife Securities.
FINRA Bars Kenneth Foreman For Failure To Respond To FINRA’s Request For Information
Kenneth Taylor Foreman (CRD#: 2284242, Los Altos, California) is an ex Securities America registered representative. FINRA BrokerCheck shows that FINRA barred Kenneth Foreman from the securities industry pursuant to Rule 9552(h). Notably, Kenneth Foreman did not respond to FINRA’s request for information. Kenneth Foreman may have engaged in activities that ran afoul of FINRA Rules. Before barring Kenneth Foreman, FINRA suspended him on January 5, 2017 because of his failure to provide information to FINRA. FINRA planned to convert the suspension to a bar if he did not timely request for a termination of the suspension. Because of Kenneth Foreman’s failure to make such a request, FINRA automatically barred him. Records show that Kenneth Foreman worked at the firm’s Los Altos, California offices from December 8, 2016 to August 16, 2017. Previously, Kenneth Foreman worked at Foothills Securities, Inc.
Securities America Discharges Robert Mitchell For Suspicious Equity Indexed Annuity Contracts
Robert Michael Mitchell Jr. (CRD#: 4852647, Thompsons Station, Tennessee) is another one of Securities America’s brokers to face allegations of misconduct. Robert Mitchell’s FINRA BrokerCheck Report shows that he was associated with the firm from April 12, 2016 to October 28, 2016. However, Robert Mitchell did not leave the firm on good terms. Indeed, Securities America discharged him because he violated company procedure in connection with his submission of equity indexed annuity contracts. Robert Mitchell reportedly acknowledged errors and miscommunications relating to the equity indexed annuity forms he supposedly submitted to establish annuities for investors. Previously, Robert Mitchell worked at Lincoln Financial Advisors Corporation.
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