Investment fraud is a serious matter that can lead to substantial financial losses. Recently, a customer dispute has been raised against Noah Kendrick, a broker and investment advisor associated with Raymond James Financial Services, Inc.. The allegation, which is currently pending, involves a claim that Kendrick did not follow trade instructions, leading to a loss of $5,000 for the client. The alleged activity dates were from July 7, 2023, to July 25, 2023.
The Seriousness of the Allegation and Case Information
Table of Contents
An allegation of this nature is a major concern, as it implies a breach of fiduciary duty. Brokers and advisors are legally required to act in the best interests of their clients. Failing to follow trade instructions can potentially lead to significant financial losses for the investor. In this case, the client alleges a loss of $5,000 due to Kendrick’s actions.
According to the Financial Industry Regulatory Authority (FINRA) BrokerCheck, Noah Kendrick has been associated with Raymond James Financial Services, Inc. (CRD 6694) since April 7, 2015. The allegation against him is currently pending, and the seriousness of the claim cannot be understated.
Understanding the Allegation and the FINRA Rule
In simple terms, the client alleges that Kendrick did not follow their trade instructions. This means that Kendrick may have executed trades that the client did not approve or failed to execute trades that the client requested. Either scenario could lead to financial losses for the client.
The FINRA Rule 2010 states that a broker must observe high standards of commercial honor and just and equitable principles of trade. If the allegation is found to be true, it would mean that Kendrick violated this rule.
Why This Matters for Investors
Investors entrust their hard-earned money to brokers and advisors with the expectation that their investments will be handled professionally and ethically. When a broker fails to follow trade instructions, it can shake the trust of investors and lead to financial losses.
Furthermore, such allegations can tarnish the reputation of the brokerage firm, in this case, Raymond James Financial Services, Inc., and can have a broader impact on the investment community’s trust in financial advisors.
Red Flags for Financial Advisor Malpractice and How Investors Can Recover Losses
Some red flags for financial advisor malpractice include unauthorized trading, excessive trading, and failure to follow client instructions. If you notice any of these signs, it’s crucial to take immediate action.
Investors who have suffered losses due to broker misconduct can recover their losses through FINRA Arbitration. Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating the case against Kendrick and Raymond James Financial Services, Inc. With over 50 years of experience and an impressive 98% success rate, Haselkorn & Thibaut has successfully recovered financial losses for investors.
Haselkorn & Thibaut operates on a “No Recovery, No Fee” policy and offers free consultations to clients who believe they have been victims of investment fraud. They can be reached at their toll-free consultation number, 1-800-856-3352.
Investors are encouraged to review their broker’s records regularly. Kendrick’s FINRA CRD number is 4642653, and his records can be found on the FINRA BrokerCheck website.