Finra bars no-show former Wells FiNet broker

Finra bars no-show former Wells FiNet broker
Wells Fargo fired Leonard Kinsman of Staten Island, N.Y., for “unprofessional conduct”
MAY 21, 2020

The Financial Industry Regulatory Authority has barred former Wells Fargo broker Leonard Kinsman of Staten Island, N.Y., for failing to take part in an investigation looking into his activities when he was registered there from June 2014 to July 2019.

Last July, Wells Fargo Advisors Financial Network, the firm’s independent arm, discharged Kinsman for “unprofessional conduct.” There is no detail of that conduct in Finra's letter of acceptance, waiver or consent, or in Kinsman’s BrokerCheck record, which does not indicate that he was discharged.

Kinsman’s BrokerCheck record shows an April 9, 2019, settlement in the amount of $995,000, noting a claimant’s allegations that Kinsman made unsuitable recommendations and forged and falsified business records from 2012 through 2017.

Two 2019 articles in the New York Post accused Kinsman of mishandling the investing of a $2.25 million insurance settlement paid to a widow upon her husband's death.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.