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.
Recent Posts
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Wells Fargo Clearing Services, LLC Broker, Kevin Schaefer, Has Had Six Customer Complaint Disclosures Throughout His Career
- Former LPL Financial Broker, Michael Tavel, Suspended by FINRA for 18 Months After Allegedly Participating in Private Securities Transactions Away from His Member Firm
- R.F. Lafferty & Co., Inc. Broker Jay Tomlinson Suspended For Three Months and Fined After Allegations of Improperly Exercised Discretion Without Proper Authorization
- Customer Dispute Pending Against Morgan Stanley Broker and Investment Adviser Darryl Cohen for Alleged Misappropriation of Funds
- FINRA Regulatory Complaint Filed Against Investment Adviser and Former Westpark Capital, Inc. Broker, Gregory McCloskey, for Making Private Securities Transactions
- Former J.P. Morgan Securities LLC Financial Advisor, Paul Zakhary, Suspended and Fined By FINRA Over Suitability Rule Violations