Leonard Kinsman

Fired Wells Fargo Representative is Barred by FINRA

The Financial Industry Regulatory Authority (FINRA) announced this month that it is barring former Wells Fargo Advisors Financial Network broker, Leonard Charles Kinsman, from the industry.

The ban comes after Kinsman refused to testify in the self-regulatory organization’s (SRO’s) probe into his firing by Wells Fargo (WFC) for allegedly “unprofessional conduct.” Kinsman was named last year in an investor fraud claim accusing him of making unsuitable investment recommendations and forging and falsifying business records. That customer dispute has now been settled for $995K.

Our investor fraud lawyers at SSEK Law Firm are looking into claims involving former Wells Fargo (WFC) broker Leonard Kinsman (Kinsman). Kinsman currently still faces at least two customer complaints that were brought before the Financial Industry Regulatory Authority (FINRA), one claim involves a New Jersey widow and mother of three who is accusing him of defrauding her family of their life savings.

Until July 2019, Kinsman belonged to the Wells Fargo Financial Network of brokers that operate independently, even as they use the bank’s compliance software and investment systems. No details have been provided into how or why he is no longer affiliated with the firm’s broker network.

According to the New York Post, the widow began working with Kinsman in 2012 when he was still a Merrill Lynch broker and after her husband had passed away. She requested that Kinsman place her money, a $2.27M life insurance settlement, in conservative, diversified investments that promoted long-term growth so she could support her family off the interest.

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