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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
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