Stoltmann Law Offices is investigating Newport Coast Securities, a brokerage firm that entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) in February 2013. It was alleged that Newport Coast failed to enforce its written supervisory procedures by failing to identify and take appropriate action with respect to transactions of securities on its Restricted List. The firm was fined $10,000 for this. On another occasion, Newport Coast Securities allegedly failed to establish and implement policies to detect and cause the reporting of suspicious transactions and failed to file suspicious activity reports. For this, FINRA fined the firm $100,000.
Kristopher Charles Kessler was and is Newport Coast’s Chief Operating Officer, and has been since June 2008. Kessler was accused of allowing an elderly customer account’s to be transferred to an account not controlled by the client without the customer’s approval. The account was transferred by a registered representative of Newport without the firm’s approval. The firm and Kessler did not do their due diligence on the registered representative who was accused of putting the client’s securities into a private placement not offered by the firm.
Kessler was registered with IDS Life Insurance Company in Minneapolis, Minnesota from September 2002 until June 2003, American Express Financial Advisors in Minneapolis from September 2002 until June 2003, WM Financial Services Inc. in Irvine, California from June 2003 until May 2005 and Brookstreet Securities Corporation in Irvine from May 2005 until June 2007. He is currently registered with Newport Coast Securities in Irvine and has been since September 2007.
If you invested money with Kristopher Charles Kessler, another broker at Newport Coast Securities or with Newport Coast Securities itself, you may be entitled to recover your investment losses. Please call Stoltmann Law Offices at 312-332-4200 to speak with one of our attorneys. We sue firms such as Newport Coast Securities in the FINRA arbitration process for not doing their due diligence and for failing to reasonably supervise their brokers, resulting in investment losses for the investor. The call is free with no obligation and we take cases on a contingency fee basis, which means we do not get paid unless you recover money.
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