East Meadow, New York
UPDATE MAY 2017-In November 2016 John B. Kakonikos was suspended by FINRA for 18 months, fined $10,000 and ordered to pay restitution of $72,524 to resolve allegations that he engaged in excessive trading and unsuitable trading in a customer account. The findings stated that Kakonikos recommend and executed 117 trades in the customer’s account and exercised de facto control over the account. The trading generated an annualized turnover rate of 13.68 and an annualized cost-to-equity ratio of 49.79%, requiring a minimum return of about 50% just to break even. FINRA Case 2015045718701.
ORIGINAL POST JUNE 2016
According to FINRA records, John Billy Kakonikos, a stockbroker who most recently worked for Southeast Investments, but who is not currently registered with any firm, discloses five final customer disputes, a pending regulatory investigation and twelve pending judgment/liens .
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In FINRA Case 8-2152 a customer while Kakonikos was employed by J.P. Turner & Co. alleged damages of $345,582 for churning, excessive trading, negligence and breach of fiduciary duty. That case was settled for $100,000.
In March 2016, in Wells Notice Examination #20150457187, FINRA made a preliminary determination that disciplinary action be brought against Kakonikos for potential willful violation of Section 10(b) of the Securities Exchange Act of 1934 and FINRA Rules 2010, 2020, and 2111. That investigation is currently pending.
Kakonikos was employed by Southeast Investments from 2/2014-2/2016. Prior to that he was employed by Caldwell International Securities from 8/2010-2/2014.
If you have questions about an account handled by John Billy Kakonikos, call for a no charge consultation.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900