Kestra Investment Services

Florida Broker Mitchell Walk Subject Of Five Customer Disputes

January 25, 2019 | Silver Law Group

Mitchell Brian Walk (CRD #3195375) is a currently registered broker and investment advisor. He has been employed by Kestra Investment Services, LLC (CRD #42046) of Longwood, FL since 2001. He was previously employed by Securities America, Inc. (CRD #10205) of Lavista, NE. He has been in the industry since 2000.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-300x200 Walk has five disclosures, all customer disputes in different stages. The most recent was filed on 08/14/2017, alleging that Walk made unsuitable recommendations to the client, and that Kestra Investment Services didn’t properly supervise those recommendations. The client is requesting damages of $72,000. The case is currently pending.

His next disclosure is also a pending customer dispute, filed on 10/4/2016. Walk is accused of misrepresentations in his recommendations (as well as other actions) in the sale of numerous alternative investment vehicles in August of 2014. This customer is requesting damages of $350,000.

California Kestra Broker Tom Puentes Under Investigation Over Alleged Unauthorized and Unsuitable Transactions in Puerto Rican Bonds

January 25, 2017 | Silver Law Group

Silver Law Group is investigating California-based Kestra Investment Services, LLC (CRD# 42046) broker Tom A. Puentes (CRD# 1713812) amidst 23 disclosures on his FINRA BrokerCheck report.

According to Puentes’ FINRA BrokerCheck report, Puentes has a total of 23 disclosures, with 15 settling for over $750,000. A large majority of the settled claims allege unauthorized and unsuitable transactions in Puerto Rican municipal bonds.

Puentes’ actions concerning the settlements occurred while he was employed by Morgan Stanley (CRD# 149777). Morgan Stanley discharged Puentes in October 2014 over allegations against Puentes over his use of discretionary trading without written authorization.

Cetera Subsidiaries Ordered to Pay More Than $6 Million for Variable Annuities Violations

January 17, 2017 | Silver Law Group

The Financial Industry Regulatory Authority (“FINRA”) fined eight firms, including VOYA Financial Advisors (CRD# 2882) (“VOYA”) and five broker-dealer subsidiaries of Cetera Financial Group (Cetera Advisor Networks LLC (CRD# 13572)), for failing to supervise sales of variable annuities (VAs). The eight firms are required to pay a fine of $6.2 million in total.

The eight firms and the respective fines are as follow: VOYA, fined $2.75 million; Cetera Advisor Networks, fined $750,000; Cetera Financial Specialists LLC (CRD# 10358), fined $350,000; First Allied Securities, Inc. (CRD# 32444), fined $950,000; Summit Brokerage Services, Inc. (CRD# 34643), fined $500,000; VSR Financial Services, Inc. (CRD# 14503), fined $400,000; Kestra Investment Services, LLC (CRD# 42046), fined $475,000; and FTB Advisors, Inc. (CRD# 17117), fined $250,000.

Cetera Financial Group owns Cetera Financial Specialists, Cetera Advisor Networks, First Allied, Summit, and VSR. For more information on Cetera, visit our firm’s background page on the broker-dealer and its subsidiaries.