James Edward Knee of Concord New Hampshire a stockbroker formerly registered with Voya Financial Advisors, Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his misappropriation of customer funds. Letter of Acceptance, Waiver and Consent, No. 2016050984801 (May 9, 2018).
According to the AWC, on March 30, 2018, FINRA requested that Knee provide recorded testimony before FINRA personnel in reference to accusations that customer funds had been misappropriated by him during the time that he was associated with two brokerage firms. The AWC stated that counsel for Knee contacted FINRA on April 10, 2018 to confirm that FINRA’s request was understood by Knee but that no testimony would be provided by Knee at any point nor would there be any cooperation by Knee into FINRA’s investigation of his misconduct. FINRA concluded that Knee’s conduct was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Knee has been referenced in five customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was employed by Voya Financial Advisors, Inc. Ameriprise Financial Services, Inc., Cantella & Co., Inc. and Raymond James Financial Services, Inc. In particular, on July 24, 2002, a customer filed an investment related written complaint involving Knee’s conduct in which the customer requested $10,000.00 in damages based upon accusations that misrepresentations had been made to the customer and unsuitable corporate debt investments had been recommended.
On March 20, 2005, another customer brought an investment related written complaint pertaining to Knee’s conduct where the customer sought $100,000.00 in damages founded on allegations that the customer was sold three variable annuities that were inappropriate for the customer and which poorly performed. On March 13, 2008, a customer filed an investment related written complaint regarding Knee’s activities where the customer requested $22,651.00 in damages supported by accusations that Knee failed to abide by the customer’s instructions of retaining certain stocks in the customer’s investment portfolio, causing the customer to sustain undue tax consequences.
In addition, a customer initiated investment related written complaint concerning Knee’s activities was settled for $17,000.00 in damages based upon allegations that the customer was placed into a royalty trust that the customer never authorized. Further, on April 18, 2017, a customer initiated investment related written complaint pertaining to Knee’s conduct was resolved for $23,749.38 in damages founded on accusations that the customer’s variable annuity documentation did not accurately reflect the customer’s financial circumstances.
Knee was terminated by Voya Financial Advisors on August 18, 2016 based upon allegations that he did not cooperate with the firm’s investigation concerning the receipt of an apparent gift made by a customer of the firm.
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