Mark Alan Kemp of Corpus Christi Texas a stockbroker currently registered with McNally Financial Services Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $100,000.00 in damages supported by accusations that (1) the customer’s account was handled in a negligent manner (2) a fiduciary duty had been breached (3) misrepresentations were made to the customer and (4) the customer had been defrauded in reference to securities held in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Kemp has been identified in seven additional customer initiated investment related disputes containing allegations of Kemp’s misconduct while employed with Mony Securities Corp., Next Financial Group Inc., McNally Financial Services Corporation and Hornor, Townsend and Kent. Particularly, on October 14, 1998, a customer filed an investment related complaint concerning Kemp’s conduct in which the customer requested $25,000.00 in damages based upon accusations of undue losses.
Subsequently, a customer initiated investment related civil action involving Kemp’s conduct was settled for $345,000.00 in damages founded on allegations that Kemp had defrauded the customer, making false representations concerning the customer’s investments in Worldhome Industries securities. Civil Action No. 98-06029-00-00D (June 7, 2001). Then, a customer initiated investment related civil action involving Kemp’s activities was resolved for $1,133,000.00 in damages supported by accusations that Kemp executed transactions involving Wordhome Industries, Inc. but the customer’s funds were never invested. Apparently, Kemp falsely assured the customer that the investments were legitimate, stating that the customer’s funds would be invested in a Texas based corporation with significant operations.
On September 10, 2010, another customer initiated investment related arbitration claim regarding Kemp’s conduct was settled for $13,455.00 in damages based upon accusations that trades were placed by Kemp in the customer’s variable annuity without the customer having provided consent. Moreover, a customer initiated investment related arbitration claim involving Kemp’s activities was resolved for $145,000.00 in damages founded on accusations that Kemp executed transactions in the customer’s account that were not suitable, effected unauthorized transactions, failed to abide by the customer’s investment instructions, and made inappropriate recommendations to the customer concerning mutual funds, money market funds, insurance products, equities, municipal debt products and variable annuities. FINRA Arbitration No. 09-03476 (Sept. 10, 2010).
Thereafter, a customer initiated investment related arbitration claim concerning Kemp’s activities was settled for $43,000.00 in damages supported by allegations of suitability and unauthorized trading. The customer was apparently placed into mutual fund, equity and annuity products that failed to conform to the customer’s tolerance for risk, financial circumstances and objectives for investing. FINRA Arbitration No. 09-05086 (Sept. 13, 2010).
FINRA Public Disclosure further reveals that Kemp was terminated from prior employer, Next Financial Group Inc., on November 10, 2009 based upon accusations that Kemp violated the firm’s policies by soliciting penny stock transactions. Kemp was subsequently fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he mismarked customer orders; conduct violative of FINRA Rule 2010 and NASD Rule 3110.
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