Kestra Investment Services Discloses Regulatory Fines/ Arbitration Awards-Austin, Texas

Kestra Investment Services Discloses Regulatory Fines/ Arbitration Awards-Austin, Texas 150 150 Robert Rex, Esq.

April 2017-Austin, Texas

According to publicly available records Kestra Investment Services (formerly NFP ) , (CRD# 42046) ,  a  FINRA registered broker dealer headquartered in Austin, Texas,  discloses  10 prior final regulatory events and 4 prior customer arbitrations. Kestra has about 1,800 registered representatives in 639 branch offices.

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.

Recent regulatory issues include:

  • In November 2016 Kestra Investment Services was censured and fined $475,000 and without admitting or denying FINRA’s allegations agreed to entry of findings that between October 2013 and June 2014 they failed to reasonably supervise brokers who recommended the purchase of multi-share class variable annuities. During the relevant time period Kestra sold 1,873 individual variable annuity contracts of $25,000 or greater, totalling over $280 million in principal investments.
  • In July 2016 Kestra was fined $100,000 by Massachusetts securities regulators for failure to register investment advisors who had a place of business in Massachusetts.
  • In July 2016, Kestra was censured and fined $500,000 by FINRA to resolve allegations that from December 2008-January 2014 they violated FINRA and SEC rules relating to the supervision of brokers dually registered with registered investment advisers, the preservation of emails and advertising and to timely update Form U-4.

Prior arbitration awards against Kestra Investment Services include:

  • In June 2014, an arbitration panel awarded $1.2 million to a customer who alleged breach of fiduciary duty, account activity, breach of contract and negligence in connection with the investment in annuities, municipal bonds, mutual funds and real estate investment trusts (REITs). FINRA arbitration 13-0430.

If you have losses in an account with  Kestra Investment Services , contact us to discuss your legal options.

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.

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Rex Securities Law

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