Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on January 19, 2018 indicate that former New York-based Commonwealth Financial Network broker Todd Kimm has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Kimm (CRD# 2800913).
Todd Kimm has spent 21 years in the securities industry and was most recently registered with Commonwealth Financial Network in Syracuse, New York (2014-2017). He was previously registered with Merrill Lynch in Syracuse, New York (1996-2014). he has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on November 21, 1996; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on November 21, 1996; and Series 7 (General Securities Representative Examination), which he obtained on November 5, 1996. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one FINRA sanction, one customer complaint, and one denied customer complaint.
In January 2018 FINRA sanctioned him following allegations he recommended more than 100 unsuitable short-term trades of long-term investment products and additionally recommended eight unsuitable mutual fund switches in a client’s account. FINRA’s findings allege that his unsuitable trading resulted in realized losses of approximately $200,000 in the customer account, and they stated further that he also executed “dozens’ of discretionary trades in the account without obtaining prior written authorization from the customer or firm approval of the account as discretionary. He was issued a fine of $5,000 and a six-month suspension from acting as a broker.
In 2014 a customer alleged Todd Kimm, while employed at Merrill Lynch, executed excessive trades, made unsuitable investment recommendations, and executed unauthorized transactions. The complaint settled in 2015 for $775,000.
In 1999 a customer alleged Todd Kimm, while employed at Merrill Lynch, recommended unsuitable variable annuities. The customer sought more than $15,900 in the complaint, which was denied.
If you or someone you know has a complaint regarding Todd Kimm, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.