Erez Law is currently investigating former Raymond James & Associates, Inc. broker Joel Kichline (CRD# 1416219), who is accused of unauthorized trading. Joel Kichline has been registered with Stifel, Nicolaus & Company, Incorporated in Frontenac, Missouri since 2020. Previously, Joel Kichline was registered with Raymond James & Associates, Inc. in St. Louis, Missouri from 2010 to 2020, when he was terminated regarding, “FA violated firm policy by exercising discretion without authorization from certain clients prior to placing trades in those clients’ non-discretionary accounts, and by exceeding time and price discretion authority with regard to other clients.”
In January 2022, FINRA sanctioned Joel Kichline to pay a $5,000 civil and administrative penalty and fine and suspended him for one month. According to FINRA, “Kichline consented to the sanctions and to the entry of findings that he exercised discretion on 1,519 occasions in five customers’ accounts. The findings stated that although the customers gave Kichline oral discretion to purchase or sell securities, none of the customers provided prior written authorization for him to exercise discretion in their account. Additionally, Kichline’s former firm did not accept any of the customer accounts as discretionary account.”
Joel Kichline Customer Complaints
Joel Kichline has been the subject of one customer complaint in 2006, which was closed without action, according to his CRD report.
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, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Joel Kichline’s 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.