Securities Broker Kinan Nimeh Involved In Investor Disputes About Suitability, Excessive Trading
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Kinan Nimeh (CRD#: 4438900, New York, NY). Specifically, the securities broker, who worked for firms Rockwell Global Capital (2011 to 2015), McBarron Capital LLC (2015 to 2016), CV Brokerage (2016 to 2017) and Garden State Securities (2017 to present) is involved in five investor disputes. Not only that, but FINRA and the State of Massachusetts each sanctioned Nimeh for sales practice violations. Here’s more.
Rockwell Global Client Alleges Unsuitable Transactions in Dispute About Kinan Nimeh
Notably, a client of Rockwell Global Capital brought a lawsuit about Kinan Nimeh in May 2020. Supposedly, Nimeh over-concentrated the client’s account in equities. In addition, the client stated that the broker made unsuitable transactions. For this reason, they demanded $50,000. This matter is awaiting a resolution.
Nimeh Allegedly Makes Excessive Trades In Rockwell Client’s Account
Evidently, a Rockwell Global Capital client disputed Kinan Nimeh’s actions through a FINRA Arbitration Claim in 2015. First of all, the client alleged that Nimeh sold investments that did not align with the client’s suitability profile. Secondly, the broker supposedly made excessive trades and excessively used margin. Thirdly, the client alleged that the broker made unauthorized trades. Evidently, in 2016, Rockwell Global Capital paid this client $20,000 to settle.
FINRA Suspends, Fines Nimeh For Unsuitable ETF Transactions
Evidently, FINRA issued Kinan Nimeh a two-month suspension and $5,000 fine in 2017 to resolve allegations that he made unsuitable recommendations in violation of FINRA rules. Namely, Nimeh recommended 52 non-traditional ETFs for 29 McBarron Capital accounts. It appears that Nimeh caused investors to hold the ETFs for long periods when the investments were intended as short-term trading products. It seems that Nimeh failed to have a reasonable basis to recommend these investments.
Massachusetts Regulatory Action Against Kinan Nimeh
Moreover, in 2015, the State of Massachusetts required Kinan Nimeh to be on heightened supervision in order to be associated with MBC. Allegedly, this was due to Nimeh being involved in 5 client disputes by that time. Those disputes alleged various sales practice violations including churning, bad advice and unauthorized trades.
Did You Experience Losses By Investing Through Nimeh?
FINRA BrokerCheck indicates that Kinan (Kenan) Nimeh denies any and all allegations of his sales practice violations. Have you lost money because of him? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers 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 because of their financial advisors and securities brokers.