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.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
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