Ausdal Financial Partners, Inc. Broker Donald Kiley Accused of Unsuitable Investment Recommendations
Posted on Monday, October 12th, 2020 at 9:36 pm
Erez Law is currently investigating Ausdal Financial Partners, Inc. broker Donald Kiley (CRD# 2630201) regarding unsuitable investment recommendations. Kiley has been registered with Ausdal Financial Partners, Inc. in De Pere, Wisconsin since 2008. Previously, Kiley was registered with Waterstone Financial Group, Inc. in Green Bay, Wisconsin from 2005 to 2008, when he was terminated regarding, “FINRA U-6 filing of 2/1/2008, NASD rules 2110, 3030, 3040 – respondent participated in private securities transactions for compensation and failed to give written notice to, and receive written approval from, his member firm prior to engaging in such activities by received $20,382.07 in compensation for selling life settlement and failed and neglected to give prompt notice to his member firm. The complaint alleges that Kiley’s firm explicitly prohibited the sale of viaticles and life settlements in its compliance manual.”
Kiley has been the subject of two customer complaints between 2004 and 2020, according to his CRD report. The most recent complaint is regarding:
June 2020. “Clients allege products sold were unsuitable.” The customer is seeking $1,138,244 in damages and the case is currently pending. The complaint is regarding direct investments and private placements.
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, Ausdal Financial Partners, Inc. may be liable for investment or other losses suffered by Kiley’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.