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.
Shepherd Smith Edwards and Kantas (SSEK Law Firm) is actively investigating other losses involving former customers of Kinsman while he was with Wells Fargo or when he was registered at other broker-dealers. Contact us today at (800) 259-9010.
Widow’s Funds Were Invested in a Way that Earned Kinsman High Fees
The $995K settlement appears to be the one reached in the FINRA arbitration claim brought last year against Wells Fargo Advisors that accused Kinsman of inappropriately investing the life insurance policy of a widow’s husband in securities and annuities that were unsuitable for her while using margin and speculative options that led to high fees for Kinsman and Wells Fargo. Meanwhile, the widow, an inexperienced investor who had been falsely promised 5% guaranteed returns, suffered huge investment losses.
A different investor claim in 2016 naming Kinsman, which also contended that he promised a 5% guaranteed return, resulted in a $24K settlement. Another customer dispute from 2008, this one over auction-rate securities (ARS), was settled for over $200K. An earlier claim from one customer over poor portfolio performance was settled for $180K.
Although he had been a registered broker with different firms, the ex-Wells Fargo broker also marketed himself as Kinsman Capital Group. With 22 years in the industry, he has been a broker with the following brokerage firms during the course of his career:
- Merrill Lynch
- Citicorp Investment Services
- Royal Hutton Securities and two other firms.
Investment Fraud Lawyers: Helping You Recover Financial Losses
Suffering financial losses as a result of direct actions carried out by stockbrokers, financial advisors or brokerage firms that led to investment fraud is grounds for filing a class-action lawsuit.
SSEK Law Firm has spent 30 years pursuing investor claims against broker-dealers throughout the nation. If you believe you were the victim of broker fraud involving ex-Wells Fargo broker Leonard Kinsman or any financial representative, contact us today. We fight for investors to recover their losses.