David Robert Kennon of Sarasota Florida a stockbroker formerly registered with First Allied Securities Inc. is the subject of a customer initiated investment related written complaint on July 22, 2021 where the customer sought more than $100,000.00 in damages based on accusations of Kennon’s negligence and breach of contract during the period in which he was associated with First Allied Securities. The complaint alleges a lack of due diligence by Kennon and First Allied Securities prior to securities recommendations being made. According to the complaint, Kennon provided unsuitable investment recommendations. The customer was allegedly defrauded on real estate security transactions.

Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Kennon has been identified in two more customer initiated investment related disputes concerning allegations of his misconduct while associated with First Allied Securities. On April 23, 2019, a customer initiated investment related FINRA securities arbitration claim regarding Kennon’s activities was resolved for $24,000.00 in damages founded upon accusations of breach of contract and breach of fiduciary duty regarding the customer’s investments in direct participation programs and limited partnerships when Kennon was associated with First Allied Securities. FINRA Arbitration No. 18-01474. The claim alleges negligence and misrepresentation relating to speculative and risky investments. Allegations also include poor investment advice and First Allied Securities’ failure to supervise Kennon’s activities.

Kennon is referenced in another customer initiated investment related FINRA securities arbitration claim in which the customer requested $250,000.00 in damages supported by accusations of Kennon breaching a contract and misrepresenting information relating to real estate investment trust transactions that he effected while at Fist Allied Securities. FINRA Arbitration No. 21-01638 (July 2, 2021). The claim alleges that the REITs were not suitable and led to an overconcentration. According to the claim, First Allied Securities failed to supervise Kennon’s activities.

Kennon was registered with First Allied Securities between August 24, 2012 and May 14, 2019.

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