apital City’s Clint Keener Barred By FINRA
The Financial Industry Regulatory Authority (“FINRA”) confirmed that it barred Clint Keener (CRD#: 2250146, Powell, Ohio) from the securities industry for violating FINRA rules. Namely, the securities broker, who worked for Capital City Securities, LLC from May 3, 2012 to October 31, 2019, signed an Acceptance, Waiver and Consent (the “AWC”) on November 12, 2019. This AWC shows that Keener violated FINRA rules because he did not follow FINRA’s instructions while under investigation for giving bad advice to investors. Here is more on the AWC and some additional disclosures which indicate that Keener’s investment advice was unsuitable.
Clint Keener Subject To Statutory Disqualification For Not Appearing For Testimony
The AWC stated that Clint Keener violated FINRA Rules 8210 and 2010. Namely, Rule 8210 gives FINRA broad power to require that securities brokers testify and disclose information. This is especially the case when the securities broker is under investigation for possibly violating FINRA rules or even securities laws. Here, FINRA asked for Keener’s testimony in connection with the investigation into his unsuitable recommendations. Notably, FINRA says that in September 2019, it asked Keener to make an appearance but Keener refused to cooperate. Apparently, Keener instead consented to a bar from association with any FINRA member in any capacity. It is possible Keener made unsuitable recommendations to Capital City Securities clients and caused their losses.
FINRA Issues Suspension, Fine To Keener For Unsuitable Trading
Previously, FINRA sanctioned Clint Keener for unsuitable trading. In 2010, Keener executed an AWC which contained FINRA’s findings of him violating rules on suitability. Supposedly, Keener poorly advised Stifel Nicolaus clients on bonds and equities. For example, he over-concentrated a novice investor’s account in risky bonds and equities. Not only that, but the AWC shows that Keener falsely represented trades that he placed, and he made trades without written authorization. Apparently, Stifel Nicolaus did not give him written permission to make discretionary trades and neither did Keener’s clients. In fact, Stifel Nicolaus discharged Keener for unauthorized trading.
Stifel Nicolaus Clients Complain About Clint Keener’s Corporate Debt Trades
Evidently, no less than five clients of Stifel Nicolaus brought disputes about Clint Keener’s trading practices. Significantly, at least two clients alleged that Keener made unsuitable trades of corporate debt investments. Supposedly, Keener failed to consider things like the clients’ risk tolerance and investment objectives. Also, at least two clients claimed that Keener misled them about risks of corporate bonds. It appears that clients agreed to trades that they would not have if fully informed about the risks. And at least one client disputed Keener’s unauthorized trading. Evidently, two disputes settled through payments to clients; the remainder were denied.
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