Leonard Charles Kinsman of Staten Island New York a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC is referenced in a customer initiated investment related arbitration claim where the customer requested at least $591,866.69 in damages founded on accusations that (1) customer account documentation contained unauthorized alterations or forged customer signatures (2) investment recommendations made by the stockbroker were inappropriate and (3) unsuitable transactions were effected while the stockbroker was associated with Wells Fargo Advisors causing the customer to suffer losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00957 (Apr. 9, 2019).
FINRA Public Disclosure confirms that Kinsman is referenced in four more customer initiated investment related disputes in regard to the stockbroker’s violative activities during the period in which he was employed by securities broker dealers including Royal Hutton Securities Corp., Citigroup Global Markets and Wells Fargo Advisors. Specifically, Kinsman is the subject of a customer initiated investment related arbitration claim which was settled to resolve allegations that the customer was not informed regarding the terms and conditions of investments; the customer’s investment portfolio was churned by the stockbroker; false or misleading statements had been made pertaining to investments; and transactions were unsuitable for the customer while Kinsman was registered with Royal Hutton Securities Corp.
Another customer initiated investment related complaint in reference to Kinsman’s conduct was resolved for $200,626.00 in damages supported by accusations that the customer’s assets were tied up in illiquid investments because of inappropriate auction rate securities transactions effected by Kinsman when the stockbroker was associated with Citigroup Global Markets. Kinsman is also referenced in a customer initiated investment related complaint which was settled for $24,000.00 in damages on February 22, 2017 based upon allegations that omissions or misrepresentations were made to the customer by the stockbroker in regard to the guarantees, terms, or risks of variable annuity products which he steered the customer towards during the time that he was employed by Wells Fargo Advisors Financial Network.
An additional customer filed an investment related arbitration claim concerning Kinsman’s activities in which the customer sought $50,000.00 in damages founded on accusations that while Kinsman was registered with Wells Fargo Advisors, transactions executed in the customer’s account were not suitable given the customer’s risk tolerance, investment objectives or overall circumstances; misrepresentations had been made by the stockbroker regarding the risks and drawbacks of investments; and investment recommendations were unsuitable for the customer and caused the customer to suffer losses. FINRA Arbitration No. 16-01381 (June 5, 2017).
Kinsman’s employment with Wells Fargo Advisors Financial Network has been terminated as of July 4, 2019.
