The Financial Industry Regulatory Authority (FINRA) has suspended Florida broker Kevin Anthony Tuttle for two years and fined him $50,000. FINRA alleged that Tuttle, along with his partner, sent account statements with inflated account values to investor in two hedge funds he managed. FINRA alleged that Tuttle’s partner assigned false values to assets of the fund, and found Tuttle negligent in not adequately reviewing the values prior to sending out quarterly statements to investors.
According to FINRA, the false values led investor to believe that their investment had increased in value, when in fact these investors had suffered losses. In addition, FINRA found that Tuttle and his partner withdrew quarterly management fees from the fund based on the inflated value. As a result, Tuttle and his partner withdrew more than $140,000 in excessive fees from the fund.
Without admitting or denying the allegations, Tuttle consented to Finra’s sanction. The foregoing information which is publicly available on FINRA’s website, is being provided by The White Law Group.
Brokerage firms have a supervisory duty to monitor the business activity and transactions of their employees. If a broker misleads investors and/or violates securities laws the brokerage firm may be liable for negligent supervision and responsible for investment losses.
According to FINRA BrokerCheck, Tuttle worked in Florida with Berthel, Fisher & Company from 11/2005 to 08/2006, Gunnallen Financial from 09/2006 to 09/2007, and Merrimac Corporate Securities from 09/2007 to 07/2011.
If you had dealings with Kevin A. Tuttle and incurred investment losses, The White Law Group may be able to help. For a free consultation with a securities attorney, please call (312)238-9650.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, IL and Vero Beach, FL. To learn more about the firm, visit www.WhiteSecuritiesLaw.com.