Sean Kane Facing SEC Charges For Failing To Act In Clients' Interests

Some investors have potentially experienced damages because of securities broker Sean Michael Kane [CRD#: 5778281, York, Pennsylvania], according to disclosures through FINRA and SEC. Evidently, Kane worked with Cambridge Investment Research Inc. from March 25, 2021, to March 30, 2023, and with Waddell Reed from October 2, 2018, to March 3, 2021. Read on to learn more about the disclosures involving Sean Kane.

Securities And Exchange Commission Charges Kane With Violation Of Investment Advisers Act

On March 1, 2023, United States Securities and Exchange Commission (SEC) initiated Case No. 1:23-cv-00371 against Kane. The allegations against Sean Kane stem from his time as a financial advisor at Waddell Reed from October 2018 to February 2021. During this period, Sean Kane and Kevin Kane managed over $27,000,000 in assets for more than 100 clients. The regulator contends that the Kanes were obligated to act in their clients' best interests, disclose all important information, and avoid misleading their clients.

However, following their termination from Waddell Reed on February 23, 2021, the Kanes allegedly deceived their clients in an attempt to persuade them to join a new investment advisory firm. This misconduct included falsely claiming that they had voluntarily left Waddell Reed, misrepresenting their association with the firm, and impersonating clients to make securities transactions. By engaging in these actions, the Kanes are accused of violating Investment Advisers Act. The case is currently ongoing.

Cambridge Investment Research Inc. Discharges Sean Kane Amid Allegations Of Breach Of Fiduciary Duty

Cambridge Investment Research Inc. terminated its association with Kane on March 2, 2023. The firm took this action after learning that the SEC had filed a complaint about Kevin Kane, alleging that he and a family member, Sean Kane, had breached their fiduciary duty to their clients.

Waddell Reed Inc. Discharges Kane For Policy Violations

Waddell Reed Inc. terminated Sean Kane on February 23, 2021, purportedly due to multiple violations of firm policies. These violations included issues related to outside business activities, data privacy, communications with the public, and the use of client signatures.

Did You Sustain Losses Because Of Sean Kane?

Did you experience damages because of securities broker / financial advisor Sean Kane? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Kane and the brokerage firms he worked for deny accusations of sales practice violations.