Orlando Broker Fined and Suspended Over Hedge Fund

Fort Lauderdale, Florida, based Soreide Law Group, (888) 760-6552, has obtained the following summary of information from FINRA’s website, under “Disciplinary and Other FINRA Actions, July, 2014.”

Kevin Anthony Tuttle (CRD #2414158, Orlando, Florida)

was fined $50,000 and suspended by FINRA for two years. Tuttle, as an outside business activity, obtained permission from his firm to manage two hedge funds along with his partner who was also a registered representative at the same firm. Tuttle and his partner sent their investors quarterly reports and account statements with inflated account values, and they sent summary quarterly statements to fund investors which showed improper valuations of their investments and interests. The investors who were sent the summary quarterly statements, had suffered losses. This misrepresented that their investments in the fund had increased in value.

According to the FINRA report, Tuttle failed to disclose that the valuation of the fund was based on defaulted promissory notes and promissory notes that had been cancelled. Tuttle failed to inform investors that the valuations on summary quarterly statements included capital accounts that were inflated and contained promissory notes that were in default or were cancelled. The fund investors deposited $3.8 million into the fund, in part, on the misrepresentations and omissions in the summary quarterly statements. Tuttle was negligent in not disclosing the proper valuation of the fund to these customers. Tuttle and his partner withdrew $141,632 of excess fees from the fund.
The suspension is in effect from May 19, 2014, through May 18, 2016.
(FINRA Case #2011027666902)

Kevin Anthony Tuttle was previously registered with the following securities firm(s):

MERRIMAC CORPORATE SECURITIES, INC. (CRD# 35463) - ORLANDO, FL
09/2007 - 07/2011
GUNNALLEN FINANCIAL, INC (CRD# 17609) - ORLANDO, FL
09/2006 - 09/2007
BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. (CRD# 13609) - ORLANDO, FL
11/2005 - 08/2006
CAPITAL SECURITIES OF AMERICA, INC. (CRD# 36405) - HARTVILLE, OH
02/2004 - 10/2005
WACHOVIA SECURITIES FINANCIAL NETWORK, LLC (CRD# 11025) - ST. LOUIS, MO
01/2001 - 02/2004
JWGENESIS FINANCIAL GROUP, INC (CRD# 38166) - BOCA RATON, FL
01/1999 - 01/2001
CHATFIELD DEAN & CO., INC. (CRD# 14714) - GREENWOOD VILLAGE, CO
12/1994 - 01/1999

This ends the information obtained from FINRA.

If your broker/financial advisor recommended risky hedge funds which created losses to your portfolio, call Soreide Law Group for a free consultation with an attorney on how to potentially recover those losses at: 888-760-6552.