Former Merrill Lynch broker Charles Ernest Kenahan has been barred by the Financial Industry Regulatory Authority Inc. for failing to take part in an investigation into his conduct at the firm, which discharged him in July 2019.
At the time, Merrill Lynch gave as its explanation for Kenahan's firing “customers’ allegations of unauthorized trading, unsuitable investment recommendations and excessive trading.”
In December 2020, the New Hampshire Bureau of Securities Regulation issued a permanent bar against Kenahan as a result of allegations of unauthorized trading, mismarked tickets, inappropriate ETFs, overcharges and excessive trading. New Hampshire also fined Merrill Lynch $2 million, with the wirehouse agreeing to pay $24.3 million back to clients as part of a settlement over Kenahan’s excessive trades, commissions and transaction
In 2019, Merrill Lynch paid a $40 million settlement to a customer who alleged Kenahan had churned his account.
Finra said that Kenahan initially cooperated with the regulator’s investigation of his sales practices, but then ceased doing so.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
