Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on March 20, 2017 indicate that former Ohio-based Morgan Stanley broker/adviser Richard Kern has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kern (CRD# 1705828).
Richard Kern has spent 28 years in the securities industry and was most recently registered with Morgan Stanley in Beavercreek, Ohio (2009-2016). Previous registrations include Citigroup Global Markets in Dayton, Ohio (1993-2009) and Lehman Brothers in New York, New York (1987-1993). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 3 (National Commodity Futures Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, Richard Kern has been sanctioned by FINRA and resigned from his former employer.
In March 2017 FINRA sanctioned Richard Kern following allegations he “effected 20 discretionary transactions in one customer account without prior written authorization from the customer and without having the account approved as discretionary by his member firm” and additionally “provided false responses on four annual compliance questionnaires inaccurately indicating that he had not exercised discretion in any customer account.” He was issued a two-month suspension and a fine of $7,500.
In April 2016 Richard Kern voluntarily resigned from his position at Morgan Stanley following allegations relating to “Concerns related to transactions made in a deceased client’s account.”
According to FINRA rules, brokers like Richard Kern are prohibited from “Purchasing or selling securities in a customer’s account without first contacting the customer and receiving the customer’s authorization to make the sale or purchase, unless the broker has received from the customer written discretionary authority to effect transactions in the account or the broker was given discretion as to price and time.” Representatives who exercise discretion without proper authorization may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Richard Kern, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.