- June 17, 2019
- Wells Fargo Advisors
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.
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