irst Financial’s Robert Kerrigan Sr. Allegedly Breached Fiduciary Duty
Soreide Law Group is evaluating possible investor claims against prior First Financial Equity Corporation securities broker Robert Kerrigan Sr. (CRD#: 268516, Scottsdale, Arizona). Not only has FINRA and Arizona Corporation Commission Securities Division both sanctioned the securities broker, but at least eight of Kerrigan’s clients contested his sales practices. Here is a summary of some of the disclosures Kerrigan reports on FINRA BrokerCheck which suggest he made negligent and unsuitable recommendations to clients:
First Financial Client Alleges Robert Kerrigan Breached Fiduciary Duty
A client of First Financial Equity Corporation brought FINRA Arbitration #: 18-01817 in May 2018. Namely, the client alleged that Robert Kerrigan breached a fiduciary duty in connection with unregistered securities sales. Not only that, but the client alleged that First Financial Equity Corporation failed to supervise Kerrigan and was therefore responsible for the client’s losses. Because of this, First Financial Equity Corporation compensated the client in the amount of $40,000 to settle the matter in February 2019.
First Financial Ordered To Compensate Client For Kerrigan’s Allegedly Unsuitable Trading
Evidently, a client of First Financial Equity Corporation filed FINRA Arbitration #: 18-00452 on February 2, 2018. The Statement of Claim contains allegations of First Financial Equity Corporation being responsible for Robert Kerrigan’s sale of unregistered investments. Supposedly, Kerrigan invested the client’s assets in USA Barcelona Realty Advisors, LLC and the company’s affiliates. A FINRA Arbitration Panel sided with the client and required First Financial Equity Corporation to pay $920,197.54 in compensatory damages plus costs, interest and attorneys’ fees.
Arizona Securities Division Revokes Robert Kerrigan’s Registration For Offering, Selling Unregistered Securities
Arizona Corporation Commission’s Securities Division claimed that as Barcelona Advisors’ executive member, Robert Kerrigan offered and sold unregistered securities. Allegedly, Kerrigan violated Arizona securities laws through offering or selling investment contracts or promissory notes that were not exempt from registration and also not registered. Not only that, but Kerrigan supposedly engaged in deceptive activities when offering and selling the securities, violating Arizona securities laws. For this reason, in January 2018 the Division revoked Kerrigan’s securities salesman registration. In addition, the Division ordered him to pay $1,302,223 in restitution and a $120,000 fine.
FINRA Bars Kerrigan For Stonewalling An Investigation
In 2016, FINRA expelled Robert Kerrigan from the securities industry for violating Rules 8210 and 2010. Apparently, FINRA investigated Kerrigan’s allegedly undisclosed private securities transactions and outside business activities. During the investigation, FINRA asked Kerrigan to provide documents and information. Kerrigan refused to hand anything over so FINRA barred him.
Suffered losses due to First Financial Equity Corporation broker Robert Kerrigan? If so, 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 law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.