Joel Paul Kichline, of Saint Louis, Missouri, a stockbroker formerly registered with Raymond James Associates Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings of Kichline’s unauthorized trading in Raymond James customer accounts. Letter of Acceptance, Waiver, and Consent No. 2020067473501 (January 13, 2022).
According to the AWC, between January 1, 2019, and July 9, 2020, discretion was exercised by Kichline on 1,519 occasions. Five customers were affected. None of them provided Kichline with any written authorization to effect trades in their accounts. The regulator states that Kichline received oral authorization from customers, which was insufficient, and Raymond James never authorized Kichline’s discretionary trading in those accounts either.
Kichline violated FINRA Rules 2010 and 3260(b) and National Association of Securities Dealers (NASD) Rule 2510(b).
FINRA Public Disclosure shows that a customer filed an investment related complaint regarding Kichline’s activities in which the customer sought compensatory damages founded on allegations that while Kichline was registered with AG Edwards Sons Inc., he established a customer’s account without authorization.
Kichline was associated with Raymond James Associates Inc. as a stockbroker between May 1, 2009, and August 6, 2020, and as an investment adviser representative between July 12, 2010, and August 6, 2020. He was discharged by Raymond James for discretionary trading. He has been employed by Stifel Nicolaus Company as a stockbroker since August 10, 2020, and as an investment adviser representative since October 19, 2020.