Articles Posted in First Allied Securities

Cetera Broker-Dealer Unsuitably Recommended Non-Traded REITs to Retired Couple

Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm at investorlawyers.com) and Menzer & Hill, PA, are pleased to announce that a Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded our clients a $2.6M award against First Allied Securities. This includes $1.1M in compensatory damages, $818K in market-adjusted damages, more than $660K in legal fees, and $40K in other expenses.

This was a unanimous decision by the three-person panel of arbitrators, which awarded the retired couple the total amount they requested. The arbitration panel was just as troubled as our knowledgeable broker misconduct attorneys were about the actions of First Allied Securities and its financial advisors. First Allied is a Cetera Financial Group broker-dealer. 

Sarasota, Florida Investment Advisor Still Operates Kennon Financial

David Robert Kennon, a former First Allied Securities stockbroker, has three customer disputes listed on his BrokerCheck in which the claimants have accused him of making unsuitable investment recommendations. 

Kennon, who is no longer a registered broker, remains a registered investment advisor in Sarasota, Florida where he runs Kennon Financial. Our Florida investment fraud lawyers are investigating claims of losses by customers of David Kennon. 

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