Boston Broker Charles Kenahan, of Merrill Lynch, Barred after Customer Suits Allege Excessive Trades/Churning and Unsuitable Investments
Former Merrill Lynch Broker, Charles Kenahan, of Boston, MA was reportedly barred this week after he failed to provide testimony in FINRA’s investigation into customer complaints regarding Kenahan’s sales practices.
Last August we reported that New Hampshire’s Bureau of Securities Regulation was investigating Merrill Lynch and former top broker, Charles Kenahan, over alleged churning of customer accounts “to generate millions of dollars in excess commissions.” That investigation reportedly resulted in a state bar on December 7, 2020 for “Unauthorized trading, mismarked tickets, inappropriate ETFs, over charged, excessive trading,” according to Kenahan’s broker report.
In July 2019 we reported Merrill Lynch paid a whopping $40 million settlement to a customer who alleged Kenahan churned his account.
According to his FINRA BrokerCheck report, Kenahan was registered with Merrill Lynch in Boston, MA from 2009 until 2017 when he was reportedly dismissed after customer allegations of “unauthorized trading, unsuitable investment recommendations and excessive trading.”
Kenahan reportedly has five customer complaints filed against him since 2009. Allegations include excessive trading and unsuitable investments and misrepresentation, among others.
Filing a Complaint against your Brokerage Firm
The White Law Group is continuing its investigation into potential securities fraud claims involving Charles Kenahan and the liability his former employer, Merrill Lynch may have for failing to properly supervise him.
Investors that incurred losses investing with Kenahan may be able to recover those losses through the FINRA arbitration process.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
If you suffered investment losses with Charles Kenahan, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.