Soreide Law Group (888-760-6552) obtained the following from FINRA’s website under, “Disciplinary and Other FINRA Actions, January 2017.”
John Billy Kakonikos (CRD #4017356, Flushing, New York)
was assessed a deferred fine of $10,000, suspended by FINRA for 18 months, and ordered to pay deferred restitution in the amount of $72,524.53, plus interest, to a client for allegedly engaging in excessive and unsuitable trading in a client’s account, causing realized trading losses of $72,524.53, while generating $41,617.56 in fees and commissions.
FINRA’s findings stated that allegedly John Billy Kakonikos recommended and executed securities transactions in the client’s account, over which he had control. Considering the client’s financial situation, lack of investment experience and needs, and requiring a minimum return of nearly 50 percent to break even, Kakonikos’ trading in the client’s account was excessive and quantitatively unsuitable for the client. The account generated $53,168.22 in cumulative costs, including margin interest.
FINRA’s findings also stated that allegedly, Kakonikos effected purchase and sale securities transactions in the client’s account without her authorization, knowledge or consent.
The suspension is in effect from November 21, 2016, through May 20, 2018.
(FINRA Case #2015045718701)
According to FINRA’s BrokerCheck, John Billy Kakonikos has been registered in the securities industry for 16 years and was listed with 6 firms, the most recent listed below:
02/18/2014 - 02/24/2016 SOUTHEAST INVESTMENTS, N.C., INC. - East Meadow, NY
08/18/2010 - 02/19/2014 CALDWELL INTERNATIONAL SECURITIES – LAKE SUCCESS, NY
If you were a client of John Billy Kakonikos and you experienced financial losses due to his actions or recommendations, call Soreide Law Group and speak to a lawyer regarding the possible recovery of those losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide and we operate on a contingency fee basis.
