California Broker Fined and Suspended by FINRA

Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013.”

John Sean Kennedy (CRD #2660518, Registered Representative, Encino, California)

was fined $15,000 and suspended from association with any FINRA member in any capacity for eight months. Without admitting or denying the findings, Kennedy consented to the described sanctions and to the entry of findings that he informed a member firm customer of an opportunity to invest in a promissory note issued by a publicly-traded company. Kennedy facilitated the customer’s signing of a $100,000 promissory note by withdrawing $100,000 from the customer’s IRA, without informing his firm of his participation in the transaction and contrary to his firm’s WSPs, which prohibited its associates from participating in private securities transactions without the firm’s prior written approval.

FINRA's findings stated that Kennedy, without his firm’s knowledge or consent, served as president, officer and registered agent of a corporation contrary to his firm’s prohibition from participating in an outside business activity without prior firm approval. The findings also stated that Kennedy failed to file federal and state tax returns for four years which, represents unethical conduct and is inconsistent with just and equitable principles of trade.

The suspension is in effect from June 3, 2013, through February 2, 2014.
(FINRA Case #2011028005201)

John S Kennedy was previously registered with FINRA at the following brokerage firms according to FINRA's BrokerCheck:

CHELSEA FINANCIAL SERVICES
CRD# 47770
LYNBROOK, NY
06/2009 - 06/2011

ACAP FINANCIAL INC.
CRD# 7731
SALT LAKE CITY, UT
03/2009 - 07/2009

WESTROCK ADVISORS, INC.
CRD# 114338
NEW YORK, NY
07/2006 - 03/2007

This ends the information obtained from FINRA’s website.

Soreide Law Group represents clients nationwide before FINRA. If you have sustained investment losses due to your stock broker/financial advisor’s recommendations, call for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.