nvestor Alert: Customer Claims Against WELLS FARGO, LEONARD KINSMAN
Leonard Kinsman (CRD#: 2816535, Staten Island, New York) is presently employed as a securities broker of Wells Fargo Advisors Financial Network, LLC. According to FINRA BrokerCheck, investors reference Kinsman’s securities practices in four complaints between May 5, 1998 and October 17, 2016. Customers’ claims suggest Kinsman possibly made unsuitable recommendations, misrepresented investments, and more. Read on to learn more about the disputes:
Leonard Kinsman Subject Of Investor Complaint Alleging Misrepresentation
A customer of Wells Fargo Advisors brought an investment dispute on October 17, 2016 regarding Leonard Kinsman. Specifically, the customer alleged that Kinsman, or someone Kinsman supervised, told the customer that the customer’s investment in a variable annuity was principal-protected. Not only that, but Kinsman allegedly told the customer that the annuity would produce 5% returns annually, at minimum. It is possible Kinsman misrepresented the annuity, making false statements concerning principal protection and annual returns. Either way, Wells Fargo agreed to pay the customer $24,000.00. to settle the customer’s claim.
Wells Fargo Customer Alleges Kinsman Made Misrepresentations And Sold Unsuitable Investments
Secondly, we have a Wells Fargo Advisors, LLC customer who contested Leonard Kinsman’s sales practices May 17, 2016. The customer filed FINRA Arbitration #16-01381, alleging Kinsman made bad investment recommendations concerning “miscellaneous” securities. Supposedly, Kinsman invested the customer’s assets in securities which did not fit the customer’s suitability profile. Additionally, the customer claimed that Kinsman misrepresented the investments that the customer purchased. Because of this, the customer demanded $50,000.00. in damages. However, this matter closed without resolution on June 5, 2017.
Citigroup investor Files Complaint About Leonard Kinsman’s Auction Rate Securities Sales
Evidently, a third customer who contested Leonard Kinsman’s sales practices maintained accounts at Citigroup Global Markets, Inc. Supposedly, Kinsman sold the customer auction rate securities. Afterwards, the auction rate securities market suffered mass illiquidity, and the customer sustained investment losses. Supposedly, it was not suitable for the customer to be invested in the auction rate securities. Eventually, on December 13, 2008, Citigroup Global Markets Inc. handed over $200,626.00 to the customer to resolve the matter.
Royal Hutton Securities Customer Alleges Leonard Kinsman Churned Customer’s Account
A customer of Royal Hutton Securities filed NASD Arbitration #98-01165 on May 5, 1998. Mainly, the customer indicated Kinsman sold the customer OTC equities which poorly performed. Kinsman reported that the customer was simply “unhappy” with performance. However, a securities regulator’s report of the customer’s claim is much more damning. Allegedly, Kinsman sold the customer unreasonable or unsuitable securities. Secondly, the customer claimed that Kinsman falsified information or otherwise misled the customer about investments. Additionally, the customer claimed that Kinsman failed to disclose important investment information when the customer purchased the investments. Finally, the customer claimed that Kinsman churned the customer’s account – trading for Kinsman’s benefit instead of the customer’s. All things considered; Royal Hutton Securities paid the customer $180,000.00 to settle the matter.
Sustained losses due to Wells Fargo securities broker Leonard Kinsman? If you have, 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 investors who have suffered losses due to misconduct of brokers and brokerage firms.