September 18, 2024

Investment Losses after Retaining Kinsman Capital Group

At Meissner Associates, we are passionate about assisting investors who have endured significant stock losses as a result of their stockbroker’s misconduct.

Individuals who retained Leonard Kinsman, a Staten Island stockbroker who was previously employed with Merrill Lynch and other corporations and is currently a registered broker with Wells Fargo, may have been taken advantage of by Kinsman—who promotes himself as Kinsman Capital Group. In his decades of work as a stockbroker, Kinsman has a long history of customer disputes and FINRA arbitration settlements.

In fact, we are currently working with a New Jersey widow who suffered damaging investment losses after retaining Kinsman Capital Group to manage more than $2 million in life insurance benefits for her. The benefits were issued after her husband’s sudden death. You can learn more about Kinsman’s prior customer disputes and our current FINRA arbitration claim against Wells Fargo below.

Fratto Brings Claim against Wells Fargo Due to Alleged Misconduct of Broker Kinsman

Our client, Robin Fratto, has initiated a Financial Industry Regulatory Authority (FINRA) arbitration claim against Wells Fargo due to the purported misconduct of their stockbroker Leonard Kinsman. Fratto was not an experienced investor, and when she came into her substantial life insurance payout, she turned to Kinsman to handle her assets.

Her goals were to purchase her home and be able to withdraw $3,000 each month to support herself and her three children. According to Fratto, rather than make suitable investment recommendations that aligned with her objectives, Kinsman purchased inappropriate annuities, made false promises of no risk with a minimum five-percent return, utilized speculative options, and traded on margin.

As a result of this alleged misconduct, Fratto was unable to purchase her home and was blindsided when she discovered that her entire life insurance settlement had been lost due to investment decisions regarding her accounts. It is our goal to obtain full monetary repayment of her stock market losses, amounting to a total recovery claim of $2.3 million.

Potential Negligence on the Part of Wells Fargo

We brought a claim against Wells Fargo charging them with negligence in failing to supervise Kinsman Capital Group, despite having had multiple customer disputes and settlements issued during his twenty years as a stockbroker.

Dating back as far as 1998, Kinsman became involved in FINRA arbitration claims. Not one, not two, but three different companies stood by Kinsman as he faced complaints of defrauding investors by making unsuitable investment recommendations, purchasing annuities, investing on margin, and misrepresentation, among other types of securities fraud.

This does not include the many other clients Kinsman and Kinsman Capital Group retained over the course of his career who may have also been unknowingly defrauded.

Take Action if You’ve Been Defrauded by a Broker

If you have endured significant investment losses after retaining Kinsman Capital Group to represent your financial interests, you may be able to take legal action against them through the pursuit of a FINRA arbitration claim.

Your FINRA lawyer at Meissner Associates will provide you with a complimentary claim review so we can learn more about the individual details of your case. You can schedule yours by submitting the brief contact form to the right or calling us at 212-764-3100.