Kevin Andrew Hobbs of Lake Worth, Florida, a stockbroker registered with PFS Investments Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Hobbs provided inaccurate information to FINRA during the time that it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2021073069401 (March 9, 2023).
According to the AWC, in 2022, FINRA opened an investigation into Hobbs following his Form U4 Amendment in 2021.The investigation focused on a customer’s allegations of Hobbs trading in an account held outside of PFS Investments Inc. The AWC states that Hobbs was told by FINRA to identify every person whose accounts Hobbs transacted in away from his employer. The AWC states that Hobbs failed to identify at least one of those individuals. Therefore, Hobbs violated FINRA Rules 2010 and 8210.
The regulator also states that between April of 2020 and November of 2020, Hobbs took part in private securities transactions where he engaged in trading for three individuals’ brokerage accounts. FINRA states that Hobbs did not ask for PFS Investments Inc.’s permission, and he did not receive any authorization to sell away from the securities broker dealer. Therefore, Hobbs violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Hobbs is referenced in six customer initiated investment related disputes concerning Hobbs’ conduct while associated with securities broker dealers. On October 24, 2002, a customer filed an investment related complaint involving Hobbs’ conduct in which the customer requested compensation based upon allegations that Hobbs committed forgery in connection with the sale of mutual funds during the time that Hobbs was associated with PFS Investments Inc.
On August 16, 2012, another customer filed an investment related complaint involving Hobbs’ conduct in which the customer requested compensation based upon allegations that Hobbs failed to reasonably explain features of a variable annuity that was sold to the customer.
Hobbs was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $280,860.00 in damages resulting from misstatements concerning a defined contribution plan. FINRA Arbitration No. 12-00950 (April 28, 2014).
On September 13, 2022, another customer filed an investment related complaint involving Hobbs’ conduct in which the customer requested $800,000.00 in damages based upon allegations that Hobbs recommended financial futures that poorly performed.
Hobbs is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $500,000.00 in damages based upon allegations that Hobbs made unsuitable recommendations of common stocks and preferred stocks when Hobbs was associated with PFS Investments Inc. FINRA Arbitration No. 23-00173 (January 20, 2023).
On January 25, 2023, an additional customer initiated investment related FINRA securities arbitration claim involving Hobbs’ conduct was settled for $375,000.00 in damages based upon allegations that Hobbs made unsuitable recommendations of common stocks and preferred stocks. FINRA Arbitration No. 21-02436.
Hobbs’ registration with PFS Investments Inc. was terminated on October 6, 2022.
