Stock Losses with Former Kestra Investment Services, LLC Broker Chadwick Collins

Kestra Investment Services

Kestra Investment Services, LLCKestra Investment Services, LLC

Erez Law is currently investigating former Kestra Investment Services, LLC broker Chadwick Collins (CRD# 2597677) regarding stock losses. He has been registered with Wedbush Securities Inc. in Carlsbad, California since February 2022. Previously, he was registered with Kestra Investment Services, LLC in Carlsbad, California from 2017 to 2022. Prior to that, he was registered with Wells Fargo Clearing Services, LLC in Carlsbad, California from 2009 to 2017 and with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Carlsbad, California from 1997 to 2009, when he was terminated regarding, “Mr. Collins was terminated on june 8,2009 for violating the firm’s policy regarding short-term mutual fund trading and having checks in his personal account returned for insufficient funds. This conduct did not involve customer accounts.”

Chadwick Collins Customer Complaints

Chadwick Collins has been the subject of five customer complaints between 2013 and 2021, according to his CRD report:

November 2021. “Client alleges FP was neglectful and reckless with the management of their portfolio from 2017 until 2021.” The customer is seeking $2,375,000 in damages and the case is currently pending. The complaint took place while he was registered with Kestra Investment Services, LLC and was regarding common and preferred stocks.

November 2021. “Client alleges account losses in IRA and Trust due to lack of fiduciary responsibility and margin activity.” The customer is seeking $1 million in damages and the case is currently pending. The complaint took place while he was registered with Kestra Investment Services, LLC and was regarding common and preferred stocks.

June 2021. “Claimant alleges that Representative Collins made unsuitable recommendations and investments that were inconsistent with his investment profile. Additionally Claimant alleges that Representative Collins recommended Claimant replace employer sponsored term life policy with IUL policy without providing material information, including the true cost of the premiums. Further, Claimant alleges that Representative Collins recommended that Claimant secure loan proceeds and then subsequently invested said loan proceeds in various investments. Claimant alleges that due to Representative Collin’s recommendations and investment practices he incurred damages.” The customer is seeking $600,000 in damages and the case is currently pending. The complaint took place while he was registered with Kestra Investment Services, LLC and was regarding common and preferred stocks and insurance losses.

March 2016. “Client alleged commissions were not disclosed in advance of transactions. (12/29/2015-3/18/2016).” The case was settled for $6,559.31. The complaint took place while he was registered with Wells Fargo.

June 2013. “The customer alleges excessive trading and unsuitable investment recommendations from 2006 to 2009.” The customer sought $700,000 in damages and the case was settled for $150,000. The complaint took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated and was regarding common and preferred stocks.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Kestra Investment Services, LLC may be liable for investment or other losses suffered by his customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.