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Financial advisor Leonard Kinsman customer complaints

Former Wells Fargo Broker, Leonard Kinsman, Has Five Customer Complaints, Including One Pending Complaint, Alleging Unsuitability And Forgery Of Business Records

Leonard Kinsman (CRD # 2816535) was a Financial Advisor at Wells Fargo Advisors in Staten Island, NY.  Leonard Kinsman has been in the securities industry since 1997 and previously worked at Merrill Lynch and Citigroup. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Leonard Kinsman has been the subject of five customer complaints during his career, including one pending complaint for an unspecified amount of damages in which the customer has alleged “unsuitable investment recommendations, forgery and falsifying business records.” 

Among the other complaints against Leonard Kinsman include the following:

  • October 2016—”Client alleged they were told their investment was principal protected, would be guaranteed an annual return of at least 5%, and had no fees associated with it.”  The dispute was settled for $24,000. 
  • May 2016—”Claimant alleges that investment recommendations were misrepresented and unsuitable.”  The customer alleged damages of $50,000 but later withdrew the complaint.
  • March 2008—”THIS VERBAL COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008.”  The dispute was settled for $200,000.
  • May 1998—”CLIENT WAS UNHAPPY WITH PERFORMANCE WITH ACCOUNT.FILED COMPLAINT WITH MY COMPANY, ALTHOUGH I DISAGREE WITH CLIENTS COMPLAINT.MY FIRM DECIDED TO SETTLE COMPLAINT WITH [CUSTOMERS].”  The matter was settled for $180,000. 

For a copy of Leonard Kinsman’s CRD, click https://brokercheck.finra.org/individual/summary/2816535#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.  

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

Wells Fargo Financial Advisor, Leonard Kinsman, Has Five Customer Complaints Alleging Sales Practice Violations

Leonard Kinsman is a Financial Advisor at Wells Fargo Advisors Financial Network, LLC in Staten Island, NY.  Leonard Kinsman entered the securities industry in 1997 and previously worked at Merrill Lynch, Citigroup Global Markets, Citicorp Investment Services, Royal Hutton Securities, Myers Pollock Robbins and Argent Securities.  

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Leonard Kinsman has five customer complaint disclosures reflected on his CRD, including the following:

  • April 2019 – “Claimant alleges that from 2012 through 2017, the FA made unsuitable investment recommendations, forgery and falsifying business records.”  The matter is currently pending.
  • October 2016 – “Client alleged they were told their investment was principal protected, would be guaranteed an annual return of at least 5%, and had no fees associated with it.”  The matter settled for $24,000.
  • March 2008 – “THIS VERBAL COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008.”  The matter settled for $200,626.
  • May 1998 – “CLIENT WAS UNHAPPY WITH PERFORMANCE WITH ACCOUNT.  FILED COMPLAINT WITH MY COMPANY, ALTHOUGH I DISAGREE WITH CLIENTS COMPLAINT.  MY FIRM DECIDED TO SETTLE COMPLAINT WITH [CUSTOMERS].”  The matter settled for $180,000.    

For a copy of Leonard Kinsman’s CRD, click https://brokercheck.finra.org/individual/summary/2816535.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]