Christopher Booth Kennedy Barred by FINRA

The Financial Industry Regulatory Authority (FINRA) permanently barred Christopher Booth Kennedy (Chris B. Kennedy, Chris Kennedy), previously listed with Western International Securities in Woodland Hills, California (12/02/2019 - 09/27/2021), for allegedly engaging in churning and excessive trading in the accounts of six clients between July of 2020 and July of 2021, according to the FINRA report.

Without admitting or denying FINRA’s allegations, Christopher Booth Kennedy consented to the sanction and to the entry of findings that he allegedly churned and excessively traded client accounts as a registered representative of his member firm.

FINRA’s findings stated that Christopher Booth Kennedy used his control over these accounts to direct an excessive series of transactions that generated commissions for his own benefit at the clients' expense. According to FINRA, Kennedy allegedly made an average of 102 trades per account per month, representing net trading of more than $6.9 million per account or approximately 13 times the average account value. FINRA stated that as a result of Kennedy's excessive trading, his clients lost over $2.3 million in value from their accounts and paid more than $715,000 in total trading costs and margin interest, including over $595,000 in commissions.

FINRA’s findings also alleged that Christopher Booth Kennedy made false account statements to hide the results of his trading from two clients. The FINRA report states that over six months, Kennedy allegedly prepared and sent six false account statements to these clients from his personal email. Allegedly, Kennedy sent a false account statement to these clients purporting to show an ending balance of $5.2 million and a gain in value of over $3 million. When in fact, according to FINRA, under Kennedy's control the account had allegedly lost nearly all of its value and only approximately $160,000 in value remained in the account.

FINRA’s findings also alleged that during FINRA's investigation of his trading, Christopher Booth Kennedy repeatedly lied in response to requests for information and on-the-record testimony.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Christopher Booth Kennedy was in the securities industry both as a broker and as a financial advisor for 18 years and was listed with 8 firms. Kennedy has 13 disclosures on his FINRA CRD report. Western International discharged Kennedy in August of 2021 over client allegations of “unauthorized options trading” and “failure to adhere to discretionary options sales orders.” Kennedy has 11 “Customer Disputes,” 10 of the disputes are from 2021 and forward. Some of the complaints are as follows, “extensive and unauthorized trading without clients knowledge or consent, breach of fiduciary duty, unauthorized trading, and breach of contract.”

One complaint dated, January 13, 2022, settled for $3,800,000.00 following the allegations of, “Client alleged through counsel on August 24, 2021, that Kennedy had begun in February 2021 to use margin without approval of the Client family accounts and that during the week of July 26th Kennedy had engaged in improper options trading for Client. Claimant allegations, include but not limited to, Breach of Fiduciary duty.” Another complaint filed March 30, 2022 is seeking $2,453,936.28 in damages following allegations of, “Engaged in extensive and unauthorized trading without clients knowledge or consent.”

If you or a loved one have experienced financial losses due to the actions or recommendations of Christopher Booth Kennedy previously listed with Western International Securities in Woodland Hills, California, 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 represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.