First Allied’s Kyle Franklin The Focus Of Investor Dispute
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information regarding Kyle R. Franklin (CRD#: 1255175, Roseville, California). Evidently, Franklin, who worked as a securities broker for First Allied Securities Inc. from 2013 to 2017 and Hilltop Securities Inc. from 2017 to 2019, is involved in three investor disputes. These disputes suggest that Franklin might have caused investors’ losses through his sales practice violations. Here’s more.
First Allied Client Indicates That Kyle Franklin Recommended Unsuitable Annuities, REITs
Evidently, a client of First Allied filed a lawsuit in which Kyle Franklin’s sales practices were called into question. In this September 2020 FINRA Arbitration Action, the client makes allegations of unsuitable investment recommendations by the broker. Secondly, the client indicates that Franklin acted in breach of contract and breach of fiduciary duty. Thirdly, Franklin was allegedly negligent in connection with making annuity or REIT recommendations or sales. Finally, the client maintains that First Allied failed to supervise Franklin’s actions. For this reason, the client seeks compensation to recover investment losses. As of November 2020, this dispute is ongoing.
Hilltop Securities Client Indicates That Franklin Provided Bad Advice
Apparently, a client of Hilltop Securities came forward to contest Kyle Franklin’s sales practices. According to a lawsuit filed in April 2018, the client alleged that Franklin made bad recommendations which detrimentally affected the client’s guaranteed withdrawals in a variable annuity. It seems that the two sub-accounts that Franklin caused the client to invest in were not appropriate and somehow led the client to lose out on annuity benefits. For this reason, Hilltop Securities paid the client $25,000 to settle the matter in October 2018.
Everen Securities Client Says That Kyle Franklin Excessively Traded
Also, a client of Everen Securities (Franklin’s former employer) complained about Kyle Franklin’s trading practices. Mainly, the client asserted that Franklin made excessive trades and charged excessive commissions. For this reason, Franklin agreed to pay the client $16,000 to settle this matter.
Did You Experience Losses By Investing Through Franklin?
Have you experienced losses because of Kyle Franklin? If so, contact Soreide Law Group at (888) 760-6552 and speak with an experienced attorney 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 due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Franklin denies all allegations of his sales practice violations.