AP Press Release1
A FINRA arbitration claim Meissner Associates recently filed on behalf of a client involves Wells Fargo broker Leonard Kinsman, previously of Merrill Lynch.
The arbitration claim against Wells Fargo Advisors Financial Network, LLC, in Staten, Island, New York, alleges that Leonard Kinsman made inappropriate and unsuitable investments that resulted in enormous losses for his client, a New Jersey widow with three children.
If you have suffered investment losses as a result of broker misconduct or misrepresentation, reach out to Meissner Associates. Others who have retained Kinsman or Kinsman Capital Group through Wells Fargo or Merrill Lynch may be eligible to seek compensation for their investment losses.
Current FINRA Arbitration Claim Against Wells Fargo
According to the FINRA arbitration claim Meissner Associates recently filed, Wells Fargo broker Leonard Kinsman, who promoted himself as “Kinsman Capital Group” at Merrill Lynch and Wells Fargo, inappropriately invested the proceeds of a life insurance policy our client received after the death of her husband.
The claim alleges that Kinsman’s inappropriate actions included the following:
- Kinsman invested in inappropriate annuities and volatile, unsuitable securities.
- Kinsman utilized margin and speculative options.
- Kinsman made false promises to our client involving a guaranteed return on investment of at least 5 percent.
Our claim also alleges that Wells Fargo gave Kinsman total authority over our client’s investment account and did not supervise him—despite negative marks on Kinsman’s FINRA record. Forgery and the falsification of account-opening documents are also alleged in our arbitration claim.
These actions allegedly continued until our client’s accounts were totally depleted—a loss of nearly $600,000.
Kinsman’s FINRA Record
Past marks on the FINRA record of Wells Fargo and Merrill Lynch broker Leonard Kinsman detail allegations that are similar to the ones in our current FINRA arbitration claim. One past client claimed that Kinsman guaranteed a no-risk return on investment of 5 percent. Another past Kinsman Capital Group client alleged a $180,000 loss in a suitability claim.
Victim of Broker Misconduct? Meissner Associates Can Help You Seek Compensation
Kinsman, formerly of Merrill Lynch and currently of Wells Fargo, might have made similar unsuitable investments on behalf of other clients. If you believe you might have been a victim of broker misconduct by Kinsman or another broker, Meissner Associates wants to hear from you.
We are prepared to help victims of unauthorized trading, unsuitable investments, and all other forms of broker misconduct recover compensation for their investment losses. To speak with a qualified and experienced FINRA lawyer, call Meissner Associates at 212-764-3100 or fill out the online contact form below.