Former Kestra Investment Services Broker, James Daughtry, Barred By FINRA, After Allegations Of Fraudulent And Unauthorized Transactions Entered In Customer Accounts
James Daughtry (CRD # 3272282) was a Financial Advisor at Kestra Investment Services in Dothan, Alabama. James Daughtry has been in the securities industry since 1999 and previously worked for Ameriprise Financial Services and Securities America.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on March 18, 2020, FINRA sanctioned James Daughtry, barring him from associating with any brokerage firm. According to the FINRA sanction:
“Without admitting or denying the findings, Daughtry consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into potentially fraudulent and unauthorized transactions in customers’ accounts.”
For a copy of the FINRA Sanction, click https://www.finra.org/sites/default/files/fda_documents/2020065293201%20James%20Blake%20Daughtry%20CRD%203272282%20AWC%20va.pdf
For a copy of James Daughtry’s CRD, click https://www.finra.org/sites/default/files/fda_documents/2020065293201%20James%20Blake%20Daughtry%20CRD%203272282%20AWC%20va.pdf
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.
In addition, Financial Advisors may only execute transactions in customer accounts after first obtaining authorization. Absent express authorization, a Financnial Advisor is not permitted to transact in a customer’s account. In the event an unauthorized trade is placed, the customer is entitled to rescind the trade and obtain reimbursement of the purchase price.
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