The Financial Industry Regulatory Authority (FINRA) contains important disclosures concerning securities broker Kirk William Knollman (CRD#: 2089445, Loveland, Ohio). Notably, Cetera Advisor Networks LLC discharged him as a securities broker. Also, two investor disputes allege unsuitable trading. One concerns Knollman’s actions at Cetera, while the other concerns his actions at Oppenheimer. Here’s more about these disclosures, including what you could do if you sustained losses because of Knollman.
Evidently, on February 16, 2021, securities firm Cetera Advisor Networks discharged Kirk Knollman as a securities broker. Cetera claimed that Knollman violated policy related to his trading in client accounts. Supposedly, Knollman exercised discretion without having authorization in certain Cetera accounts.
It appears that a Summit Brokerage Services client brought a dispute about Kirk Knollman. Namely, the November 2019 FINRA Arbitration Claim alleges unsuitable recommendations. Suitability concerns essential information about an investor which bears on whether investment transactions are appropriate. In this client’s case, they allege unsuitable recommendations of listed equity (common and preferred stock) transactions. Not only that, but Knollman allegedly engaged in unauthorized trading. For this reason, Summit Brokerage Services opted to settle with the client by making a $210,000 payment in September 2020.
Evidently, Kirk Knollman used to work for Oppenheimer Co. A client of Oppenheimer alleged that Knollman made unsuitable trades. Supposedly, Knollman caused the client to experience losses on unit investment trusts (“UITs”). Moreover, the securities broker purportedly made unauthorized UIT trades. Because of this, Oppenheimer paid $180,000 to this client to settle this matter.
Did securities broker Kirk Knollman cause you to suffer investment losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation after incurring losses because of their financial advisors and securities brokers. Please note that Knollman denies all allegations of his sales practice violations.
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