Robert Joseph Kerrigan Senior of Scottsdale Arizona a stockbroker formerly employed by First Financial Equity Corporation is referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages supported by accusations that a fiduciary duty that was owed to the customer had been breached and that First Financial Equity Corporation failed to supervise transactions in the customer’s account causing the customer to experience losses on unregistered securities sales. FINRA Arbitration No. 18-01817 (Feb. 11, 2019).
FINRA Public Disclosure confirms that Kerrigan has been identified in seven more customer initiated investment related disputes containing allegations of his sales practice violations while employed by First Financial and Intersecurities Inc. Kerrigan is named in a customer initiated investment related arbitration claim where the customer was awarded $260,084.00 in compensatory damages based on Kerrigan being found liable for losses that the customer sustained on Material Acquisition Company and USA Barcelona. Both were private investments purchased away from First Financial. FINRA Arbitration No. 16-01607 (Feb. 21, 2017). The claim alleges negligence and the violation of Arizona securities laws by the stockbroker. According to the claim, Kerrigan made misrepresentations and omissions concerning investments and had breached a fiduciary duty to the customer.
On April 4, 2017, another customer initiated investment related arbitration claim in regard to Kerrigan’s conduct was resolved for $37,500.00 in damages based upon accusations of bad investment advice being provided to the customer concerning a private placement that had been sold by Kerrigan outside the auspices of First Financial. FINRA Arbitration No. 16-03019.
Kerrigan is barred from associating with any FINRA member in any capacity supported by findings that he obstructed a FINRA investigation into allegations of him selling away from First Financial. Letter of Acceptance Waiver and Consent No. 2015047151401 (May 11, 2016). According to the claim, Kerrigan was accused of engaging in outside business activities and private securities transactions which prompted the regulator’s investigation. Kerrigan failed to provide information and documents for FINRA. His failure to comply in this respect was violative of FINRA Rules 2010 and 8210.
Kerrigan has also been ordered by Arizona Corporation Commission Securities Division to pay a $120,000.00 fine and to cease doing securities business in Arizona as a stockbroker founded on accusations of fraud and unregistered securities being offered by Kerrigan as an executive for Barcelona Advisors. Case No. S-20938A-15-0308 (Jan. 3, 2018). The Division alleged that Kerrigan offered investors promissory notes or investment contracts that were not registered in Arizona and were not exempt from Arizona’s requirements. Kerrigan violated ARS Section 44-1841 in this respect. The regulator also alleged that Kerrigan committed fraud in reference to his offer and sale of securities in violation of ARS Section 44-1962(A)(2), and that the stockbroker sold away in violation of AAC R14-4-130(A)(l7).