Leonard John Kuczynski of Charlotte North Carolina a stockbroker registered with Innovation Partners LLC has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Kuczynski engaged in outside business activities without disclosing them to the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2018059177601 (Aug. 13, 2019).
According to the AWC, during the time that Kuczynski was employed by Innovation Partners, three outside business activities were pursued by him without authorization from the firm. The AWC stated that Kuczynski partnered with an individual to write insurance even though he told Innovation Partners that he would engage in no such activity without prior authorization from the firm. Kuczynski also sold fixed annuities outside the firm’s auspices from 2004 to August of 2017. FINRA indicated that Kuczynski had even been employed by another company from 2015 to 2016 where he sold investors alternative income products.
The AWC stated that the three activities Kuczynski engaged in failed to be within the scope of his employment relationship with Innovation Partners. Kuczynski additionally submitted false certifications to the securities broker dealer in regard to his outside business activities. FINRA found Kuczynski’s conduct violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that a customer initiated investment related complaint concerning Kuczynski’s conduct was settled for $11,000.00 in damages supported by accusations that when Kuczynski was associated with First National Equity, bad advice was provided to the customer concerning an equity-indexed annuity, and the customer suffered unwarranted tax consequences by following Kuczynski’s advice. Kuczynski has also been terminated from a prior securities broker dealer, Vista Financial Services Corporation, founded on allegations against him of breach of contract.
Kuczynski was employed by Innovation Partners between March 11, 2004 and August 30, 2017.
