Kendall J. Groom, Cetera Financial Specialists, Fresno, CA
Are you concerned about investments with Kendall J. Groom in Fresno, CA? If so, the securities attorneys at The White Law Group may be able to help you.
According to an SEC administrative release, the regulator has barred Groom from the securities industry for alleged misappropriation of investment advisory client funds.
In January 2012, Groom reportedly became the trustee for two related trusts that had approximately $6.6 million in assets, and also managed the investments for the trusts. From March 2012 through January 2016, Groom allegedly diverted approximately $460,000 of the trusts’ assets to brokerage, advisory, and bank accounts that he owned or controlled. This amount reportedly exceeded his disclosed trustee fees, according to the complaint.
Aside from the bar, other sanctions reportedly include a Civil and Administrative Penalty/Fine of $185,000, Disgorgement of $262,498.95, and other Monetary Penalty of $38,489.50.
According to his FINRA BrokerCheck report, Groom was reportedly registered with Independent Financial Group December 2016 until August 2019. Prior to that, he was affiliated with Cetera Financial Specialists in Fresno, CA for seventeen years.
The White Law Group is investigation potential securities fraud claims involving the liability that Groom’s employer may have for failure to supervise his alleged activities.
When brokers violate securities laws, such as misappropriating investors’ funds, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
If you have suffered losses investing with Kendall J. Groom, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.