The Wolper Law Firm, P.A. is currently investigating claims against Kenneth McDonald, a Financial Advisor at Western International Securities in Westlake Village, California. Kenneth McDonald has been in the securities industry since the 1970s and previously worked at Newport Coast Securities, which has since been expelled from the industry by FINRA.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 26, 2018, a customer filed a complaint against Kenneth McDonald, alleging “breach of fiduciary duty, breach of contract, fraud, negligence, misrepresentation, lack of due diligence….relating to a private placement purchased by the Claimant.” The alleged damages are $834,000 and the matter remains pending.
Kenneth McDonald has a checkered disclosure history. In 2016, Kenneth McDonald he filed for bankruptcy, which may be an indication of financial irresponsibility. In addition, he has been the number of a customer complaints during his career, including the following:
- August 2014—“Alleged negligence, misrepresentation, failure to supervise, failure to conduct due diligence and lack of suitability in connection with the purchase of two TIC investments.” The matter was settled for $400,000.
- October 2011—“Claimant alleges misrepresentation, omission of material facts and lack of suitability in connection with the purchase of a TIC investment.” The matter was settled for $132,500.
- April 2002—“Client alleges that investments were unsuitable and misrepresented.” The matter was settled for $60,000.
To review a full copy of Kenneth McDonald’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/816699#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.
If you or someone you know was a customer of Kenneth McDonald’s and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.