Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:
KESTRA INVESTMENT SERVICES, LLC, (KESTRA) and their former registered representative, HERMAN LAIBE KAHN (HERMAN KAHN, BUD KAHN) (Respondents).
HERMAN LAIBE KAHN was an employee and registered representative of KESTRA, from September 2004 through April 2020.
The Claimant, a retiree living in Florida, according to the lawsuit, was not a sophisticated investor with little investment experience. He was looking for safe investments to fund his retirement. In 2014, the Claimant sold his home for approximately $200,000 and invested the proceeds from the sale with KESTRA broker, HERMAN LAIBE KAHN.
In July of 2014, the lawsuit alleges, KESTRA broker, HERMAN LAIBE KAHN, recommended investing $100,000 from the proceeds of the sale of the Claimant’s home into Atlas Growth Partners, L.P. The lawsuit alleges that the Claimant reiterated he did not want to lose his principal and that he needed the money to fund his retirement. Allegedly, the Respondents knew that Atlas was a startup, only one year-old at the time, and was speculating in oil investments and oil exploration. The lawsuit alleges that knowing the Claimant’s profile, age, risk tolerance and net worth, the Respondents still allowed the investment to go through. The investment is now defunct and the Claimant lost all of his $100,000 investment.
The lawsuit alleges: negligence, breach of fiduciary duty, and negligent supervision.
According to the lawsuit, KESTRA and their representative, HERMAN LAIBE KAHN’s actions have caused Claimant damages of approximately $100,000.00.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, HERMAN LAIBE KAHN, has six Disclosures on his FINRA CRD report. All six are “Customer Disputes” dating back to 2013. Four of the disputes have settled, one was denied, and one is pending. Kahn was registered in the securities industry for 31 years and was listed with 7 firms, the most recent below:
9/21/2004 – 04/01/2020 KESTRA INVESTMENT SERVICES LLC – PITTSBURGH, PA
08/15/1997 – 09/22/2004 RAYMOND JAMES FINANCIAL SERVICES INC – ST. PETERSBURG, FL
If you’ve experienced investment losses due to the actions or recommendations of the former KESTRA INVESTMENT SERVICES LLC broker, HERMAN LAIBE KAHN, contact Soreide Law Group and speak to a 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 basis and represents our clients nationwide before FINRA.