Financial Advisor Charles Kenahan, Merrill Lynch, Boston, MA

New Hampshire Investigates Merrill Lynch & Charles Kenahan regarding $80 million in customer complaints. 

According to CNBC last month, New Hampshire’s Bureau of Securities Regulation is investigating Merrill Lynch and former top broker, Charles Kenahan, over alleged churning of customer accounts “to generate millions of dollars in excess commissions.”

The article in CNBC further reports that the New Hampshire regulator has approached Merrill Lynch with its findings and that settlement talks are underway. This is not the first time Merrill Lynch has paid big money to one of Kenahan’s clients.

In July 2019 we reported Merrill Lynch paid a whopping $40 million settlement to a customer who alleged his broker, Charles E. Kenahan, churned his account. The second claim is reportedly for $42 million.

The article cites Kenahan’s FINRA broker report with the information. According to the Financial Industry Regulatory Authority (FINRA)on June 5, 2020, “the state of New Hampshire is conducting an investigation into certain trading practices of Mr. Kenahan.”

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.”

Kennahan reportedly has four customer complaints filed against him since 2009. Allegations include excessive trading and unsuitable investments and misrepresentation, among others.

Free Consultation with a Securities Attorney

When brokers abuse client accounts or conduct transactions that violate securities laws, such as churning customer accounts or making unsuitable investments, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you are concerned about investments 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 and Franklin, Tennessee.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.