Broker James Kirchner Allegedly Sells Unsuitable Investments

Soreide Law Group is reviewing possible investor claims of sales practice violations by broker James R. Kirchner (CRD#: 2852217, Chicago, Illinois). Evidently, seven investors brought claims about the broker, who worked for firms David A. Noyes & Company (2014 to 2018), IFS Securities (2019) and Cabot Lodge Securities (2019-2020). These disputes suggest that Kirchner sold unsuitable investments which caused losses. Here’s a summary of some of the troubling allegations made against him:

David A. Noyes Settles Dispute Over James Kirchner’s Alternative Investment Recommendations

First of all, a client of David A. Noyes brought a FINRA Arbitration Action #: 20-00871 on March 23, 2020 in regard to James Kirchner’s recommendations. Specifically, Kirchner seemingly advised the client to buy DPPs and LPs. It appears that Kirchner did not consider the client’s investment profile (risk tolerance, investment objectives, etc.) when recommending the client purchase these products. Evidently, on April 22, 2020, David A. Noyes paid the client $90,000 to settle the matter.

Kirchner Allegedly Sells Unsuitable Private Placements

Secondly, a David A. Noyes customer challenged James Kirchner’s sales practices via FINRA Arbitration Action #: 20-00114 dated January 2020. Supposedly, in 2016 and 2017, Kirchner arranged for the clients to invest through private placements. Notably, the clients indicated that those private placements were not suitable for them. Because of this, on April 22, 2020, David A. Noyes acquiesced to a payment of $145,000 to the clients via settlement.

Client Indicates James Kirchner Never Explained Margin

Also, on June 15, 2019, a client of David A. Noyes filed a complaint about James Kirchner. It seems that Kirchner did not explain margin to the client. Apparently, the client was unexpectedly sold out of positions when the market experienced a downturn. It appears that on December 20, 2019, David A. Noyes resolved this issue through making a $15,000 payment to the client.

Moreover, in prior disputes, investors alleged that James Kirchner made unauthorized trades and that he failed to follow instructions. In addition, FINRA shows that Kirchner worked for Merrill Lynch, who disaffiliated with him in 2014 for altering a client document.

Did James Kirchner Sell You Bad Investments?

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Have you experienced losses by investing with a securities broker or financial advisor named James Kirchner? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Kirchner.