(FINRA Case #2015043587601)
Jeffrey Collins Kinder (CRD #1442891, St. Louis, Missouri) – An AWC (Accept, Waiver & Consent) was issued in which Kinder was assessed a deferred fine of $20,000 and suspended from association with any FINRA member firm in all capacities for 15 months. In light of Kinder’s financial status, the sanction does not include disgorgement.
Without admitting or denying the findings, Kinder consented to the sanctions and to the entry of findings that he unsuitably recommended that five customers, including three senior investors, engage in mutual-fund switching and short-term trading of UITs.
The findings stated that Kinder routinely recommended that these customers purchase UITs and then sell them well before their maturity dates. The majority of the UlTs that Kinder recommended had maturity dates of at least 24 months. Nevertheless, Kinder repeatedly recommended that his customers sell their UIT positions less than a year after their purchase, often in as little as two to four months, and that they use the proceeds from these short-term sales to purchase other UlTs with additional sales charges.
Likewise, Kinder recommended that these customers purchase Class A-share mutual funds, liquidate those positions in less than 12 months and then use the proceeds to purchase shares of other front-loaded funds.
Kinder’s recommendations caused the customers to incur more than $98,000 in excessive sales charges and were unsuitable in view of the frequency and cost of the transactions.
Kinder was employed by Huntleigh Securities Corporation (CRD#7456) since 1994, and resigned due to allegations in June of 2017.
The suspension is in effect from February 5, 2018, through May 4, 2019.
If you feel you have been misled or taken advantage by Jeffrey Collins Kinder or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.