Stone Capital CEO Chadwick Collins Under Probe For Broker Malpractice (Kestra Investment Services)

Stone Capital CEO Chadwick Collins Kestra Investment Services

Individuals that incurred investment losses following investment advice from investment advisor Chadwick Collins (Stone Capital) have been asked to contact California broker misbehavior lawyers at Haselkorn & Thibaut for portfolio review for fraud at  800-856-3352.

Collins joined Wedbush Securities after working for Kestra Investment Services as a broker and an investment advisor for Kestra Private Wealth between January 2017 and February 2022. In addition, he is Stone Beacon Capital’s CEO. Chadwick Collins’ BrokerCheck stats show that he is now mentioned in two ongoing client complaints whereby the plaintiffs seek over $3.3 million in damages.

Even though the CEO of Stone Beacon Capital is currently involved in two client lawsuits, this is not the first time he’s been implicated in broker malpractice. While operating as a licensed agent for Wells Fargo Clearing Services, Chadwick Collins was similarly implicated in investor lawsuits.

Collins’ BrokerCheck profile presently lists the following customer disputes:

  • 11/2021: The claimant contends that their portfolio was mismanaged and negligently managed between 2017 and 2021. As a result, they are suing for $2.375 million in damages. Preferred and common stock were allegedly involved in the losses.
  • 11/2021: The client seeks $1 million in damages for losses involving a Trust and IRA. According to the lawsuit, Collins is accused of breaching his fiduciary duties and participating in margin conduct.
  • 6/2021: The investor claimed Collins offered improper suggestions, including investments that did not meet their investment criteria. The complainant further accuses the former Kestra Investment Services wealth manager of suggesting an employer-sponsored life insurance policy without giving important information, such as premium prices. They claimed to have obtained loan proceeds, and Collins confirmed. They reached a $150,000 settlement.
  • 3/2016: The matter was settled for about $6500 when the client claimed Collins failed to reveal commissions upfront. According to BrokerCheck, Collins was unaware that an adjustment in the client’s investment approach would increase a commission.
  • 6/2013: A settlement of $150K was reached in this instance of aggressive trading and ineptness.
  • Merrill Lynch dismissed Collins on June 6, 2009, for breaking the firm’s short-term fund manager trading policy. There were no client accounts involved.

Other Kestra Investment Services dealers are under probe by, including prohibited financial planners James Daughtry and Walter Valenzuela, who has been cited in 14 customer complaints. An investor has filed a nearly $7.8 million arbitration suit against Illinois money manager Stephen Curry with the Financial Industry Regulatory Authority (FINRA).

How can I determine if my broker is at fault?

All losses are “caused” by the market in some way, but, there’s more to the story. A financial advisor who blames you for your losses on a poor market may be concealing the fact that your investments weren’t as safe as they claimed. There are many ways to find out. Your new broker may be able to detect wrongdoing committed by the previous stockbrokers if you have switched brokers. Stockbrokers who make such findings are often referred to us. Your accountant or tax-preparer might also notice potential problems in your accounts, and alert you to any possible wrongdoing. However, you will eventually need to consult a qualified attorney to review your investments. We can help.

Call us immediately at 800-856-3352  if you feel your investing losses were caused by broker misbehavior while dealing with Chadwick Collins or any other Kestra broker.

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