According to a recent investor complaint, White Plains financial advisor Michael Kinkel (CRD# 5947093) is reportedly under scrutiny following allegations of providing misleading investment advice. This information comes from the records maintained by the Financial Industry Regulatory Authority (FINRA), indicating his current broker registration with David Lerner Associates.
The Allegations against Michael Kinkel
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Mr. Kinkel’s BrokerCheck report discloses an investor complaint. The complaint, filed in March 2023, accuses him of misrepresenting material facts and providing poor recommendations and advice on a real estate investment trusts (REITs) investment. The ongoing complaint alleges damages of $100,000.
In a statement attached to the claim’s disclosure, Mr. Kinkel has defended himself, stating, “The allegations do not include misappropriation, forgery, theft or conversion of funds or securities.”
Investor Awareness: FINRA Rules and Regulations
Investors should be aware that FINRA rules prohibit brokers, including Mr. Kinkel, from misrepresenting material information about the investments and strategies they recommend to their clients. Specifically, FINRA Rule 2020 states that no FINRA representative shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive, or other fraudulent device or contrivance.”
Representatives who misrepresent investments can be held accountable for any resulting losses and may face disciplinary action from securities regulators.
Michael Kinkel’s Industry Experience and Credentials
Michael Kinkel boasts eleven years of experience in the securities industry. Based in White Plains, New York, he has been registered as a broker with David Lerner Associates since 2011 and holds no previous registrations.
His credentials include passing four securities industry qualifying exams:
- General Securities Principal Examination, or Series 24
- General Securities Representative Examination, or Series 7
- Securities Industry Essentials Examination, or SIE
- Uniform Securities Agent State Law Examination, or Series 63
Kinkel is licensed in multiple states, including Arizona, California, Connecticut, Florida, Indiana, Maryland, Missouri, Montana, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington, and West Virginia. (Information current as of May 9, 2023.)
Role of Financial Advisors and Investment Brokers
Financial advisors, such as Michael Kinkel, offer invaluable assistance in managing and growing one’s wealth. These professionals are responsible for making investment transactions on behalf of their clients, including the buying and selling of securities like stocks, bonds, and mutual funds. Their expertise can prove particularly beneficial for individuals new to investing or those seeking to construct a comprehensive investment strategy.
However, it’s essential to remember that while these professionals can provide sound financial advice and strategies, they also stand to earn from the transactions they conduct for their clients. Such earnings typically come in the form of broker fees and commissions. Hence, aligning a broker’s fees with the client’s investment goals and strategy is vital.
Understanding Complaints and Lawsuits Against Financial Advisors
Unfortunately, not all interactions with financial advisors result in positive outcomes for the clients. In some instances, advisors may recommend unsuitable securities or fail to execute investment instructions correctly, leading to substantial losses for the clients.
In such cases, clients can file complaints and lawsuits against their financial advisors. One such example is the case against a White Plains advisor, where a complaint alleged damages of $1.5 million.
Haselkorn & Thibaut: Advocates for Investors
Haselkorn & Thibaut, InvestmentFraudLawyers.com, represents investors across the United States in claims against financial advisors and investment firms. With over 50 years of experience and a remarkable 98% success rate, we’ve recovered millions for investors.
If you or a loved one have suffered investment losses, please call us at 1-800-856-3352 or complete our contact form for a free and confidential consultation. We fight for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. Remember, there’s no recovery, no fee.
