Public records published by the Financial Industry Regulatory Authority (FINRA) on November 28, 2016 indicate that former New York-based Southeast Investments broker John Kakonikos has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kakonikos (CRD# 4017356).
John Kakonikos has spent sixteen years in the securities industry and was most recently registered with Southeast Investments in East Meadow, New York (2014-2016). Previous registrations include Caldwell International Securities in Lake Success, New York; John Thomas Financial, which has since been expelled by FINRA, in New York, New York; Hunter Scott Financial, which has since been expelled by FINRA, in New York, New York; and JP Turner & Company in Atlanta, Georgia. He is currently not registered with any state or firm.
According to his BrokerCheck report, John Kakonikos has received one FINRA sanction and two customer complaints.
In November 2016 FINRA sanctioned John Kakonikos following allegations he “engaged in excessive and unsuitable trading in the account of a customer, causing realized trading losses of $72,524.53, while generating $41,617.56 in fees and commissions.” According to the complaint: “Kakonikos recommended and executed 117 securities transactions in the customer’s account. Kakonikos had de facto control over the customer’s account. The trading conducted by Kakonikos in the customer’s account generated an annualized turnover rate of 13.68 and an annualized cost-to-equity ratio of 49.79 percent. Considering the customer’s financial situation, lack of investment experience and needs, requiring a minimum return of nearly 50 percent just to break even, Kakonikos’ trading in the customer’s account was excessive and quantitatively unsuitable for the customer. Overall, the account generated $53,168.22 in cumulative costs, including margin interest, resulting in a cost-to-equity ratio of 62.23 percent.” He was issued a 16-month suspension as well as fines and restitution exceeding $80,000.
In 2008 a customer alleged John Kakonikos, while employed at JP Turner & Company, breached his fiduciary duty, breached contract, churned investments, and effected excessive transactions. The complaint settled in 2009 for $100,000.
In 2006 a customer alleged John Kakonikos, while employed at JP Turner & Company, breached his fiduciary duty, misrepresented material facts, and breached contract. The complaint settled in 2008 for $2,000.
If you have suffered losses while investing with John Kakonikos, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.