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Options for Clients of Former First Allied Securities, Inc. Broker David Kennon

Posted on Thursday, December 16th, 2021 at 1:41 am    

First Allied Securities

Erez Law is currently investigating former , Inc. broker David Kennon (CRD# 4459476) regarding suitability concerns. David Kennon was registered with First Allied Securities, Inc. in Sarasota, Florida from 2012 to 2019.

David Kennon Accused of Unsuitable Investment Recommendations

David Kennon has been the subject of three customer complaints between 2018 and 2021, according to his CRD report:

July 2021. “Claimant alleges their registered representative recommended unsuitable investments. Claimant generally alleges unsuitability, due diligence, breach of contract, and fraud.” The customer is seeking $100,000.01 in damages and the case is currently pending. 

July 2021. “Claimant alleges unsuitability, overconcentration, negligence, misrepresentations, failure to supervise, and, breach of contract.” The customer is seeking $250,000 in damages and the case is currently pending. The complaint was regarding real estate securities and took place while David Kennon was registerd with First Allied Securities, Inc.

April 2018. “Claimant alleges that her advisor recommended that unsuitable investments in “risky” and “speculative” investments. Claimant alleges negligence, misrepresentation, failure to supervise, and breaches of duty and contract.” The customer sought $80,000 in damages and the case was settled for $24,000. The complaint was regarding direct investments and took place while David Kennon was registerd with First Allied Securities, Inc.

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, First Allied Securities, Inc. may be liable for investment or other losses suffered by David Kennon’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.