Blake H. Kiernan of Melville New York a stockbroker registered with Four Points Capital Partners LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon allegations that Kiernan did not comply with a FINRA Arbitration Award in which he was required to pay a customer $69,250.00 in compensatory damages. Kiernan’s suspension is effective August 27, 2020.
Kiernan was named in a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $69,250.00 in damages supported by Kiernan being found liable on the customer’s causes of action including fraudulent misrepresentation. FINRA Arbitration No. 18-01679 (June 29, 2020).
According to the Statement of Claim, Kiernan churned their account and charged them excessive fees and commissions. The claim also alleges that the investment account had been invested in risky positions that ran contrary to the customer’s investment objectives. The Statement of Claim alleges that the customer sustained losses by purchasing Halcon Resources Corp (now known as Battalion Oil Corp), Zynga Inc., and Amarin Corp. Causes of action also include negligence, breach of fiduciary duty, and failure to supervise.
FINRA Public Disclosure shows that Kiernan has been identified in three additional customer initiated investment related disputes regarding accusations of his wrongdoing when he was associated with Woodstock Financial Group. Kiernan is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $108,825.00 in damages based on allegations of Kiernan breaching a fiduciary duty at Woodstock Financial Group as it pertained to investments in over-the-counter equities. FINRA Arbitration No. 15-03356. The claim alleges that Woodstock Financial Group failed to supervise Kiernan which resulted in unsuitable transactions.
On August 30, 2016, another customer initiated investment related FINRA securities arbitration claim concerning Kiernan’s conduct was settled for $71,500.00 in damages founded upon accusations of unauthorized and unsuitable trading by Kiernan during the period that he was associated with Woodstock Financial Group. FINRA Arbitration No. 15-00736. According to the claim, Kiernan made misrepresentations to the customer regarding over-the-counter equities transactions and had churned their account. The claim also alleges breach of contract and negligence.
Kiernan is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $108,750.00 in damages supported by allegations including breach of contract and breach of fiduciary duty by Kiernan at Woodstock Financial Group. FINRA Arbitration No. 17-00630 (July 3, 2018). The claim alleges that Kiernan made unsuitable, unauthorized and fraudulent trades. According to the claim, the customer’s account was churned and excessively traded.