Kevin James Palmer of Scottsdale Arizona a stockbroker formerly registered with First Allied Securities Inc. has been discharged by the firm on February 6, 2018 founded on accusations that Palmer violated the firm’s policies by placing trades in two customer accounts on a discretionary basis without first procuring written authorization from the customer and First Allied Securities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Palmer has been identified in two customer initiated investment related disputes containing allegations of Palmer’s misconduct during the time that he was employed by Merrill Lynch and PaineWebber Inc. Specifically, a customer initiated investment related complaint regarding Palmer’s activities was settled for $16,610.05 in damages supported by accusations that the customers were not made aware of the sub-investment grade status of investments placed in their accounts.
Thereafter, a customer initiated investment related arbitration claim regarding Palmer’s conduct was resolved for $31,500.00 in damages based upon allegations that unsuitable corporate debt transactions were effected in the customer’s investment account. National Association of Securities Dealers (NASD) Arbitration No. 00-01529 (Mar. 28, 2001).
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