Kevin Stephen Fitzpatrick of Geneva Illinois a stockbroker formerly registered with Stifel Nicolaus Co. Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he mischaracterized customers’ trades and mismarked trades as unsolicited. Letter of Acceptance Waiver and Consent No. 20110278915-01 (Apr. 26, 2018).
According to the AWC, Fitzpatrick solicited two hundred twenty-one orders to purchase and sell ABCD on his customers’ behalf. Evidently, in each circumstance, Fitzpatrick marked a customer’s order as having been unsolicited based in part on restrictions having been placed on Fitzpatrick from soliciting orders in ABCD. FINRA found Fitzpatrick’s conduct violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 3110.
FINRA Public Disclosure reveals that Fitzpatrick has been referenced in five additional customer initiated investment related disputes containing allegations of Fitzpatrick’s misconduct while employed with Stifel Nicolaus & Co. Inc., Prudential Securities, and Merrill Lynch, Pierce, Fenner & Smith Inc. Particularly, on January 10, 2001, a customer filed an investment related complaint regarding Fitzpatrick’s conduct where the customer sought $98,000.00 in damages supported by accusations of unauthorized purchases and sales of mutual funds.
On October 29, 2002, another customer initiated investment related complaint pertaining to Fitzpatrick’s activities was resolved for $50,000.00 in damages based upon allegations that bonds trades were effected in the customer’s account without the customer’s permission, unreasonable commissions had been charged, and an agreed-upon investment strategy was not followed. Further, a customer initiated investment related arbitration claim regarding Fitzpatrick’s conduct was settled for $39,500.00 in damages founded on accusations that Fitzpatrick executed transactions in the customer’s account that were not suitable for the customer. FINRA Arbitration No. 13-01138 (July 30, 2013).
Fitzpatrick’s employment with Stifel, Nicolaus & Co. Inc. was terminated on October 16, 2017.
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