Unauthorized trading by investment advisors is generally considered to be a fraudulent activity. Typically, unless discretion to trade without speaking to the customer is granted to the broker in writing, the broker is required to obtain permission for all transactions for the customer after discussing the relevant factors which form the basis for a recommended trade.

Greco & Greco has represented North Carolina investors for decades in FINRA arbitrations based on wrongful conduct by stock brokers and their brokerage firms. If you believe you may have been harmed by a broker’s bad acts, please contact Securities Fraud Lawyer Scott Greco for a free attorney consultation about your case.

Kennedy’s actions, as detailed in the findings and conclusions of the order, paint a troubling picture of misconduct and deceit. He directed over 5,300 trades totaling more than $350 million in the accounts of six customers, with an average of 102 trades per account each month. These excessive transactions generated substantial commissions for Kennedy while causing substantial losses for his clients. Moreover, Kennedy went to lengths to conceal the true extent of these losses by fabricating account statements and providing false information to his clients.

The disciplinary order found Kennedy in violation of several securities regulations, including Section 10(b) of the Securities Exchange Act of 1934, Regulation Best Interest, and various FINRA rules.

Mr. Kennedy’s FINRA Brokercheck Report reports ten customer complaints in the past several years, most of which have been settled, many for multiple millions of dollars.

If you believe you may be the victim of a financial advisor who has churned your accounts, please contact Investment Fraud attorney Scott Greco for a free attorney consultation about your potential claim.

Then, on November 15, 2022, the Maryland Securities Commissioner issued a Consent Order in which Jean admitted to fraudulent actions during his time with Morgan Stanley in Maryland. Specifically, he was found to have initiated four ACH transfers, totaling $10,182, from a Morgan Stanley customer’s brokerage account to cover his personal credit card expenses.

FINRA, a national self-regulatory securities regulator, recently barred Mr. Miche from the industry pursuant to a decision by its Office of Hearing Officers.

Securities firms such as Morgan Stanley have legal duties requiring them to reasonably supervise their brokers to attempt to prevent fraudulent and criminal activity. Greco & Greco’s local Maryland Securities Fraud Lawyers have decades of experience representing customers against securities firms and brokers for cases of investment fraud and theft by brokers. Please contact Scott Greco for a free attorney consultation if you believe that you may have been the victim of similar misconduct.

The Brokercheck report also states that Western International discharged Mr. Kennedy in 2021 after allegations were made about unauthorized options trading.

Mr. Kennedy was registered with Western at a branch office in Woodland Hills, California and Tarzana, California.

The securities fraud attorneys at Greco & Greco have extensive experience arbitrating claims on behalf of customers against Western International. One can also read here about a recent FINRA action against Western International regarding supervisory failures in the sale of GWG L bonds by Western brokers, and another related to non traded REIT sales.

If you have lost money as a result of unauthorized trading or unsuitable options trading by your financial advisor, please contact Scott Greco for a free attorney consultation about your case. We have represented wronged customers from California and across the country for decades.