Ahmad Wares (also known as Kevin Wares) of Melville New York a stockbroker formerly registered with Salomon Whitney Financial is the subject of a customer initiated investment related arbitration claim in which the customer requested $195,132.00 in damages based upon allegations that (1) Wares breached his contractual obligations to the customer (2) Wares executed unauthorized trades in the customer’s account (3) Wares effected transactions in the customer’s account that were inappropriate for the customer (4) Wares negligently transacted in the customer’s account and (5) Wares churned the customer’s account during the time he was employed by Salomon Whitney Financial. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01055 (Apr. 6, 2018).
FINRA Public Disclosure confirms that Wares has been identified in nine additional customer initiated investment related disputes which pertain to accusations of his misconduct during the period in which he was associated with securities broker dealers including EKN Financial Services and Laidlaw Company (UK) Ltd. In particular, Wares was subject of a customer initiated investment related arbitration claim where the customer was awarded $46,984.84.00 in compensatory damages based on Wares being found liable for churning the customer’s investment account and effecting unauthorized stock trades.
Then, a customer initiated investment related complaint in regards to Wares’ conduct was settled to resolve allegations that when Wares was employed by EKN Financial Services, the customer’s account was churned; transactions were not suitable for the customer; and unauthorized stock trades were effected in the customer’s account. FINRA Arbitration No. 14-02441 (Apr. 27, 2015). Wares has also been named in a customer initiated investment related arbitration claim which settled for $28,500.00 in damages supported by accusations that stocks had been excessively traded in the customer’s account, and inappropriate equity products had been sold to the customer. FINRA Arbitration No. 15-00941 (July 2, 2015).
Thereafter, on December 8, 2015, a customer initiated investment related complaint concerning Wares’ activities was resolved for $46,258.00 in damages founded on allegations that equity trades had been placed without the customer’s consent. Another customer initiated investment related arbitration claim concerning Wares’ conduct was settled for $46,000.00 in damages based upon accusations against Wares of unsuitability and churning in regard to the stock trades placed in the customer’s account during the period Wares was associated with Laidlaw and Company (UK) Ltd. FINRA Arbitration No. 14-03230 (Jan. 20, 2016).
Moreover, a customer filed an investment related arbitration claim involving Wares’ activities in which the customer sought $288,340.00 in damages supported by allegations that fiduciary duties were breached; the customer’s account was administered negligently; misrepresentations had been made concerning investments; and unauthorized trades were executed in the customer’s account resulting in the customer incurring unwarranted losses. FINRA Arbitration No. 15-02845 (Jan. 23, 2016).
Wares’ employment with Salomon Whitney Financial has been terminated as of March 23, 2017. Since April 10, 2017, he has been employed by Worden Capital Management LLC. Since January 23, 2002, Wares has been associated with nine different broker dealers six of which are defunct or have been expelled by securities regulators for violation of federal securities laws.
