The Financial Industry Regulatory Authority (“FINRA”) confirms through BrokerCheck that clients disputed the sales practices of securities broker Ahmad (“Kevin”) Wares (CRD#: 2959624, Melville, NY). Notably, clients’ claims suggest Kevin Wares made excessive, unauthorized and unsuitable trades at the expense of his customers. Here’s a summary of some disputes involving Wares:
FINRA BrokerCheck shows that Kevin Wares worked for Salomon Whitney Financial from December 2015 to March 2017. Apparently, on April 6, 2018, a Salomon Whitney Financial client took issue with Wares’ sales practices by filing FINRA Arbitration #: 18-01055 (Apr. 6, 2018). First of all, the client claimed that Wares churned the client’s account. Supposedly, Wares traded mainly to generate commissions or fees regardless of how this affected the client’s investment performance. Secondly, the client indicated that Wares was negligent and traded without authorization. Thirdly, Wares supposedly sold the client unsuitable stocks. Finally, the client alleged that Wares violated the terms of an investment agreement. As a result, the client demanded $195,132 in compensation in this pending matter.
Apparently, Kevin Wares worked for Laidlaw & Company (UK) Ltd. from September 2012 to December 2015. Evidently, a client of Laidlaw filed a complaint against the broker on November 20, 2015. Mainly, the client suggested that Wares made unapproved trades. Supposedly, Wares traded unspecified common or preferred stocks but did not have the client’s permission. Not only that, but Wares allegedly failed to follow the client’s instructions regarding investments. All things considered; Laidlaw opted to settle this matter by paying the client $46,258 on December 8, 2015.
Evidently, an additional Laidlaw client brought FINRA Arbitration #: 15-00941 on July 2, 2015. Notably, the client stated that Kevin Wares churned the client’s stocks. It appears that Wares made excessive trades primarily to generate commissions from the client. Not only that, but Wares supposedly sold investments which did not match or support the client’s goals, risk tolerance or financial circumstances. Evidently, Laidlaw compensated this client to the tune of $28,500.00. Wares personally contributed towards the settlement.
Several additional clients took aim at Kevin Wares’ sales practices all together alleging misrepresentation, violation of securities laws, unauthorized use of margin, and breach of fiduciary duty, according to FINRA BrokerCheck. In fact, of the 10 client disputes filed: 7 settled through payments to clients; 1 resulted in an Award to the customer; 1 was denied; and 1 is ongoing. Incurred losses by investing with securities broker Kevin Wares? If so, contact Soreide Law Group at (888) 760-6552 and 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 clients who have suffered losses due to misconduct of brokers and brokerage firms.
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