Jacob Ray Kagele of Tuscon Arizona a stockbroker and investment adviser representative formerly registered with Mutual Securities Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $57,825.00 in damages based upon accusations that Kagele (1) executed exchange traded fund transactions in the customer’s account that were not suitable for the customer (2) mismanaged the customer’s investment account (3) breach his fiduciary obligations to the customer and (4) misrepresented the terms and conditions of the customer’s investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02857 (Dec. 26, 2017).
FINRA Public Disclosure additionally reveals that a customer initiated investment related arbitration claim concerning Kagele’s activities was settled for $1,250,000.00 in damages founded on allegations that between 2012 and 2016, while Kagele was managing partner and investment adviser representative of NOVA Financial, LLC, he: selected an investment strategy for the customer that was inappropriate given the customer’s objectives for investing and tolerance for risk; mishandled the customer’s investment account; breached a fiduciary duty to the customer; misled the customer; and made misrepresentations relating to the customer’s investments accounts. FINRA Arbitration No. 16-02136 (June 15, 2017).
Kagele’s registration with Mutual Securities, Inc. has been terminated on November 7, 2017.
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