In the realm of financial investment, trust is a paramount factor. It’s the bedrock upon which the relationship between a broker and a client is built. When this trust is violated, however, the outcome can be financially devastating. The case of Kevin Curry, a securities broker based in New York, is a pertinent example.
Stock broker fraud is a white-collar crime involving the misrepresentation or omission of crucial information, deceptive practices, negligence, or the violation of professional obligations by stock brokers, investment companies, or supervisors that can lead to financial loss for investors.
It is important to note that not all losses incurred in the stock exchange market are due to fraudulent behavior. The inherent nature of investment involves risks, and losses can occur from poor market conditions or ill-judged investment strategies. It can also occur when the client sells unsuitable products like GWG Holdings. However, when the losses are a result of unethical or illegal actions by the broker, it is categorized as stock broker fraud.
Complaints Against Kevin Curry
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According to reports available on the FINRA (Financial Industry Regulatory Authority) BrokerCheck, Kevin Curry has been the subject of multiple customer disputes throughout his career. These public records show a trail of alleged misconduct, leading to growing concern among investors.
While specific details of the complaints are not disclosed in the search results, the fact that multiple disputes exist signals potential issues with Curry’s practice. Clients who have worked with him and have concerns about their investments have been urged to contact Haselkorn & Thaibut for consultation and possible representation.
Based on the content of the BrokerCheck Report provided, here are the disclosure events associated with Kevin Thomas Curry:
1. Regulatory Event
– Regulatory Action Initiated By: FINRA
– Date Initiated: 12/09/2016
– Allegations: Curry exercised discretion in one customer’s account without obtaining prior written authorization from the customer or written approval of the account as discretionary from his member firm.
2. Customer Dispute – Settled (Disclosure 1 of 3)
– Reporting Source: Broker
– Employing Firm: CADARET, GRANT & CO., INC.
– Allegations: Customer is dissatisfied with the account performance and stock selection.
– Alleged Damages: $5,000.00
– Settlement Amount: $13,000.00
3. Customer Dispute – Settled (Disclosure 2 of 3)
– Reporting Source: Broker
– Employing Firm: PETERSEN INVESTMENTS. INC.
– Broker Statement: The parties have agreed to settle the Proceeding to avoid the expense, inconvenience, distraction and inherent uncertainties associated with any formal arbitration proceeding.
– Individual Contribution Amount: $33,750.00
4. Customer Dispute – Settled (Disclosure 3 of 3)
– Reporting Source: Broker
– Employing Firm: PETERSEN INVESTMENTS, INC.
– Allegations: Client alleged broker used hard sales tactics regarding purchase of options and improperly described them as “safe” and “risk-free”.
– Alleged Damages: $103,500.00
– Monetary Compensation Amount: $23,600.00
5. Judgment/Lien
– Reporting Source: Broker
– Judgment/Lien Holder: Internal Revenue Service
– Judgment/Lien Amount: $194,050.37
– Judgment/Lien Type: Tax
– Date Filed with Court: 05/22/2022
– Broker Statement: 1040 taxes 2014, 2015, and 2020.
Understanding FINRA’s Role
The Financial Industry Regulatory Authority (FINRA) is a non-governmental organization that oversees brokerage firms and their registered representatives. BrokerCheck is a free tool provided by FINRA that allows investors to research the professional backgrounds of current and former FINRA-registered brokerage firms and brokers. It gives a snapshot of a broker’s employment history, regulatory actions, and investment-related licensing information, arbitrations, and complaints.
In the face of broker imposter scams and other potential misconduct, FINRA recommends that investment professionals alert their firm’s compliance department and also FINRA by calling the BrokerCheck hotline.
The Path to Justice: Filing a Complaint
In instances where clients suspect misconduct on the part of their broker, there are steps they can follow to seek redress. FINRA encourages investors first to contact their firm and discuss any transaction they do not understand or did not authorize. If not satisfied with the broker’s response, contacting the firm’s branch manager or compliance department is the next step.
If the issue remains unresolved, filing a complaint with FINRA is an option. Law firms like Haselkorn & Thibaut provide comprehensive guidance on how to do this, offering free case evaluations and assistance in bringing a FINRA complaint against a broker, financial advisor, or brokerage firm.
Get Help from Investment Fraud Lawyers
Haselkorn & Thibaut, national investment fraud lawyers, provide free consultations and work on a contingency fee basis. This means clients only pay if the case is won. Haselkorn & Thibaut boasts a 98% success rate and a network of offices across multiple states.
In conclusion, the case of Kevin Curry serves as a cautionary tale for investors and underlines the importance of vigilance when engaging with brokers. Investors who suspect foul play should not hesitate to consult with our experienced investment fraud lawyers by calling 1-800-856-3352.
