Former Wells Fargo Broker, Leonard Kinsman, Has Five Customer Complaints, Including One Pending Complaint, Alleging Unsuitability And Forgery Of Business Records
Leonard Kinsman (CRD # 2816535) was a Financial Advisor at Wells Fargo Advisors in Staten Island, NY. Leonard Kinsman has been in the securities industry since 1997 and previously worked at Merrill Lynch and Citigroup.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Leonard Kinsman has been the subject of five customer complaints during his career, including one pending complaint for an unspecified amount of damages in which the customer has alleged “unsuitable investment recommendations, forgery and falsifying business records.”
Among the other complaints against Leonard Kinsman include the following:
- October 2016—”Client alleged they were told their investment was principal protected, would be guaranteed an annual return of at least 5%, and had no fees associated with it.” The dispute was settled for $24,000.
- May 2016—”Claimant alleges that investment recommendations were misrepresented and unsuitable.” The customer alleged damages of $50,000 but later withdrew the complaint.
- March 2008—”THIS VERBAL COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008.” The dispute was settled for $200,000.
- May 1998—”CLIENT WAS UNHAPPY WITH PERFORMANCE WITH ACCOUNT.FILED COMPLAINT WITH MY COMPANY, ALTHOUGH I DISAGREE WITH CLIENTS COMPLAINT.MY FIRM DECIDED TO SETTLE COMPLAINT WITH [CUSTOMERS].” The matter was settled for $180,000.
For a copy of Leonard Kinsman’s CRD, click https://brokercheck.finra.org/individual/summary/2816535#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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