Broker Kevin Meadows Is Sanctioned By FINRA For Excessive Trading
Soreide Law Group has come across the record of securities broker Kevin Kimball Meadows (CRD#: 2878889, Columbus, Georgia). Notably, FINRA BrokerCheck shows that five investors brought disputes against him. In addition, FINRA suspended him for excessive and unsuitable trading. Here’s more about these disclosures.
First Allied Securities Client Indicates That Kevin Meadows Recommended Unsuitable Investments
First off, a client of First Allied Securities filed a dispute about Meadows. Specifically, in the April 30, 2020 dispute, the client first alleged that Meadows recommended unsuitable investments and made excessive trades when he was a financial advisor. Secondly, Meadows is accused of failing to make repayment on a loan. Next, the client alleged that Meadows acted in breach of fiduciary duty and that First Allied Securities failed to supervise him. For this reason, First Allied Securities opted to pay the client $35,000.00 to put this matter to rest.
Unauthorized Trading Alleged In Dispute About Meadows
In the second most recent dispute on Kevin Meadows’s record, a client of UBS Financial Services makes allegations of unauthorized trading. It also appears that Meadows misused margin in the client’s account. Supposedly, Meadows’s trading caused the client to suffer losses. For this reason, the client received a $50,000.00 payment to settle the matter with UBS Financial Services.
Prior Dispute Alleges That Investor’s Funds Had Been Improperly Taken
Also, a client of UBS Financial Services Inc. brought a dispute about Kevin Meadows. Supposedly, the financial advisor stole from an account that the client inherited from their mother at her death. However, this client withdrew this complaint.
Investor Alleges Unauthorized, Excessive Trades In Dispute About Kevin Meadows
Also, a client of UBS Financial Services took aim at Kevin Meadows through a dispute about equities trades. Particularly, the client alleged that Meadows excessively traded or churned their account. This supposedly caused the client to pay extra commissions while sustaining losses. The dispute also contains allegations of Meadows opening a margin account without their knowledge. It appears that this dispute did not result in a resolution.
FINRA Issues Suspension To Meadows For Excessive Trading At Cape Securities
Also, FINRA – who oversees most securities brokers in the United States – issued Kevin Meadows a three-month suspension to resolve allegations of excessive and unsuitable trading at Cape Securities. Mainly, FINRA alleged that Meadows’s excessive trading caused a senior account owner to experience $39,761 in losses.
FINRA says that Meadows practically controlled the client’s account and recommended the trades in question. It appears that transactions were not suitable because of the client’s financial situation and investment objectives. Evidently, Meadows served the suspension before joining IBN Financial Services in 2018.
Losses From Investing Through Meadows?
Apparently, Kevin Meadows denies allegations of sales practice violations as referenced by his clients. Have you incurred losses by investing with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have experienced losses because of their securities brokers and financial advisors.