Charles Chester Kulch Complaint Over REITs

CHARLES CHESTER KULCH (CRD#: 2371584), a broker currently employed by Next Financial of Nashua, New Hampshire, is the alleged subject of a complaint brought by a client in August of 2017. Recently, the New Hampshire Bureau of Securities Regulation said it had reached a settlement with Next Financial in which the broker/dealer agreed to pay a fine of $235,000 and costs of $90,000 for failing to supervise the sale of certain alternative investments to a number of clients, including unsuitable sales of non-traded REITs. According to the New Hampshire order, in 2017 the bureau received a complaint from a Massachusetts resident alleging, in part, that broker, Charles Chester Kulch, had sold him securities that were not suitable.
Also, the Massachusetts Securities Division said it reached a settlement and fined Next Financial $150,000 for sales practice violations and a failure to supervise, allegedly including the unsuitable sales of REITs by an unidentified representative over a 10 year period. Massachusetts  alleged that many of the sales had exceeded the limits determined by a client’s overall net worth.
This means that Next Financial Group was fined $475,000 by two states last month for complaints of lack of supervision and compliance from the sales of non-traded real estate investment trusts (REITs).
According to FINRA’s BrokerCheck, Charles Chester Kulch has 10 Disclosures on his report.  Of those 10 Disclosures, 6 are Customer Disputes. A dispute in 2004 settled for $100,000.00 following allegations that, “a client, not under management, complained of market losses between the years of 2000-2004 as a result of alleged allocation and suitability deficiencies.” In April of 2015, a customer dispute settled for $150,000.00 following allegations that, “customer alleges that in 2007-2008 representative’s recommendation to invest most of his net worth in numerous high risk, speculative, illiquid private placements and tenant-in-common interests was unsuitable.” In June of 2016, another customer dispute settled for $120,000.00 following allegations of, “poor performance.”
Charles Chester Kulch has been registered in the securities industry for 25 years and was listed with 3 firms.  He has been listed with the following firm since 10/19/2006:
NEXT FINANCIAL GROUP, INC.
98 SPITBROOK RD STE 4401
NASHUA, NH 03062
If you’ve experienced losses due to Charles Chester Kulch of Next Financial Group, Inc. of Nashua, New Hampshire, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.