ATTENTION INVESTORS: Claims Against MUTUAL SECURITIES, JACOB KAGELE

Jacob Ray Kagele (CRD#: 4606475, Tucson, Arizona) used to work for Mutual Securities Inc. from May 15, 2009 to November 7, 2017. Evidently, Kagele’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report shows that at least three customers of Kagele filed disputes concerning him. Mainly, customers claimed that Kagele used a bad investment strategy which caused customers to suffer losses. Here is a summary of the disputes concerning Kagele:

September 10, 2018 Complaint Alleging Failure To Execute

 
A customer of Mutual Securities Inc. filed a FINRA Arbitration #18-03137 on September 10, 2018 about Kagele’s sales practices. Allegedly, Kagele was responsible for managing a customer’s investment account but mishandled it. The customer claimed that Kagele did not execute distributions from the customer’s retirement accounts. Specifically, the customer had to pay tax penalties because of the failure of a 72(t) distribution. Therefore, the customer alleged up to $100,000 in damages in this pending matter.

November 8, 2017 Involving Jacob Kagele, Misrepresentation Of Investments

 
Another customer of Mutual Securities Inc. brought FINRA Arbitration #17-02857 on November 8, 2017. Primarily, the customer claimed that Kagele did not act in the customer’s best interest when Kagele was the customers’ adviser representative. Secondly, the customer claimed that Kagele used an unreasonable and harmful investment strategy. Supposedly, the customer did not have the investment objectives or risk tolerance to support Kagele’s recommendations. Thirdly, the customer claimed that Kagele did not manage the customer’s account properly. Finally, Kagele allegedly misrepresented information or otherwise misled the customer about exchange traded funds (ETFs). Eventually, Mutual Securities Inc. agreed to compensate the customer to the tune of $57,825 on December 26, 2017 to settle the claim. However, the firm did not admit liability.

August 5, 2016 Arbitration Involving Jacob Kagele, Unsuitable Investment Strategy

 
Kagele also disclosed on FINRA BrokerCheck that on August 5, 2016, a NOVA Financial LLC customer brought FINRA Arbitration #16-02136. Notably, the customer contended that Kagele made sales practice violations from 2012 to 2016. Apparently, Kagele breached a fiduciary duty to the customer when acting as the customer’s investment adviser representative and NOVA’s managing partner. The customer also claimed that Kagele used the wrong investment strategy – one that was too risky. Further, Kagele allegedly misled the customer about ETFs and failed to manage the customer’s investments. Eventually, Mutual Securities, Inc. settled the customer’s claim by paying the customer $1,250,000. Apparently, Kagele contributed $337,500 towards the June 15, 2017 settlement.

Have you experienced losses by investing with Mutual Securities Inc. broker Jacob Kagele? If so, contact Soreide Law Group at (888) 760-6552, where you can 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.