Securities Arbitration Lawyers BlogFINRA Bars Broker Kenneth Stewart Tyrell For Failure To Disclose Outside Business Dealings
On 12/8/2017, FINRA permanently barred former registered broker Kenneth Stewart Tyrell (CRD #2457452) from acting as a broker or having any affiliation with a broker-dealer firm. Tyrell was both a previously registered broker and a previously registered investment advisor. His last employer was Cary Street Partners, (CRD #128089) of Richmond, VA, from 08/25/2016 until 10/06/2017 (officially.) He is not currently registered with any financial service-related firm.
Tyrell’s previous employment history includes:
- UBS Financial Services (CRD #8174) of Vienna, VA, from 11/14/2008 to 09/07/2016. Tyrell was discharged from this firm; see below for details.
- Merrill, Lynch, Pierce, Fenner & Smith, Incorporated (CRD #7691) of Alexandria, VA, from 10/29/2004 through 11/18/2008
- Wachovia Securities (CRD #19616), of St. Louis, MO, from 10/01/2000 through 11/01/2004
- First Union Brokerage Services (CRD #8112), of Charlotte, NC., from 08/30/1999 through 10/01/2000
- Merrill, Lynch, Pierce, Fenner & Smith, Incorporated (CRD #7691) of New York, NY, from 03/13/1995 through 08/20/1999
- Washington Square Securities (CRD# 2882) of Des Moines, IA, from 03/16/1994 through 03/07/1995
Cary Street Partners allowed Tyrell to resign due to an ongoing FINRA investigation into dealings at his previous employer. He resigned on 9/29/2017, and the firm requested his termination, effective on 10/06/2017.
Before his resignation from Cary Street Partners, Tyrell was discharged from UBS for multiple violations of the firm’s policies. According to FINRA’s findings, Tyrell became the financial advisor to a high-net worth client in March of 2009. From May 2011 until the end of his employment, he failed to provide UBS in writing of his outside involvement with this client.
Tyrell participated in eleven private securities transactions totaling $13 million, including referrals, research and due diligence and advising the client on his findings, established holding companies in the client’s name and transferring funds to these companies, among other things. Additionally, he was also involved in five outside business activities, including a concierge company his wife owned that provided personal services to the client, and wired money to this company. UBS was never notified of these business activities as required, and discharged him as of 09/07/2016.
After neither admitting nor denying FINRA’s findings, Tyrell signed a letter of Acceptance, Waiver & Consent (AWC) on October 31, 2017. Tyrell is now permanently barred from any association with a FINRA-member firm in any and all capacities.
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