CHARLES KENAHAN Churn Your Investments?

CHARLES KENAHAN Churn Your Investments?

Soreide Law Group is evaluating possible investor claims on behalf of investors who suffered losses because of Merrill Lynch securities broker Charles Kenahan (CRD#: 1351974, Boston, Massachusetts). Evidently, Merrill Lynch announced on July 9, 2019 that it disaffiliated with Kenahan. The brokerage firm alleged that Kenahan gave bad advice to investors and made excessive, unauthorized trades. Not only that, but Merrill Lynch clients disputed Kenahan’s sales practices, resulting in one investor obtaining a $40,000,000 settlement. Here’s more:

Merrill Lynch Settles Client Complaint For $40,000,000 For Charles Kenahan’s Alleged Excessive Trading

 
The most recent dispute comes from a Merrill Lynch client who brought FINRA Arbitration #: 18-00974 on March 13, 2018. The client alleged that Charles Kenahan made excessive stock trades, possibly churning the client’s account. Supposedly, Kenahan placed his interest in earning commissions or fees ahead of the client’s interest. Secondly, Kenahan supposedly misrepresented the investments he sold the client. Thirdly, the client alleged that Kenahan made “unsuitable recommendations” about investments including listed equities and penny stocks. Allegedly, Kenahan engaged in these sales practice violations from early 2012 to late 2017. Eventually, on June 11, 2019, Merrill Lynch opted to settle the matter by paying the client an astounding $40,000,000.

Additional Merrill Lynch Clients Suggest Kenahan Made Unsuitable, Unauthorized Trades

 
Kenahan also reports that on February 15, 2019, a Merrill Lynch client filed FINRA Arbitration #19-00466. Allegedly, Charles Kenahan put the client in unsuitable stock investments. Not only that, but he supposedly had no authorization to make trades in the client’s account. Moreover, this client, like the previous Merrill Lynch complainant, suggested Kenahan excessively traded stocks. As a result, this client alleged $42,218,702 in damages. Currently, this matter is ongoing.
Evidently, a third Merrill Lynch client brought FINRA Arbitration #18-01691. Between 2012 and 2017, Kenahan made excessive trades and provided poor investment advice, according to the client. This matter is also unresolved.

Did You Suffer Losses Because Of Charles Kenahan?

Suffered losses by investing with Charles Kenahan? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.