Former First Allied Securities, Inc. Broker Kevin Meadows Investment Loss Options
Posted on Wednesday, September 9th, 2020 at 8:14 pm
Erez Law is currently investigating former First Allied Securities, Inc. broker Kevin Meadows (CRD# 2878889) regarding investment losses. Meadows was registered with IBN Financial Services, Inc. in Liverpool, New York from May 2018 to February 2020. Previously, Meadows was registered with Lombard Securities Incorporated in Columbus, Georgia from January to February 2018. Prior to that, Meadows was registered with Cape Securities Inc. in Columbus, Georgia from 2013 to 2017 and with First Allied Securities, Inc. in Columbus, Georgia from 2006 to 2013, when he was terminated regarding, “during the course of review of trading activity, the firm determined that the registered representative’s approach involved active trading with which the firm was not comfortable.”
In February 2020, FINRA sus[ended Meadows for three months after he “consented to the sanction and to the entry of findings that he excessively and unsuitably traded a senior customer’s accounts that resulted in a loss of approximately $39,671. The findings stated that Meadows controlled the trading in these accounts by recommending almost all of the trades. Meadows’ trading in the customer’s accounts was excessive and unsuitable given the customer’s financial circumstances and investment objectives.”
Meadows has been the subject of five customer complaints between 1999 and 2020, according to his CRD report. The most recent complaint is regarding:
April 2020. “Claimants allege their financial adviser recommended investments that were unsuitable for them and failed to repay a loan. Claimants’ generally allege failure to supervise, excessive trading, breach of fiduciary duty, and unsuitability.” The customer is seeking $168,000 in damages and the case is currently pending. The complaint was regarding common and preferred stocks and took place while Meadows was employed 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 Meadows’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.