{"id":10524,"date":"2022-04-04T09:36:54","date_gmt":"2022-04-04T13:36:54","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10524"},"modified":"2022-04-04T09:36:54","modified_gmt":"2022-04-04T13:36:54","slug":"finra-suspends-broker-todd-kling-after-excessive-trading","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-todd-kling-after-excessive-trading\/","title":{"rendered":"FINRA Suspends Broker Todd Kling After Excessive Trading"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10525 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/04\/Todd-Kling.png\" alt=\"Todd Kling (Todd Franklin Kling CRD# 3034284) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic Group, LLC (CRD#: 39781), was expelled by FINRA on 9\/23\/2009. He has been in the industry since 1999.  According to a FINRA disciplinary action dated 12\/17\/2021, Kling was found to have excessively and unsuitably traded one customer's account. This particular client was not only a retired psychiatrist but also a senior investor. Between March 2018 and November 2019, Kling recommended that the client place a total of 115 trades in his account. The client accepted Kling\u2019s recommendations and made the trades.  The customer\u2019s account had an average month end equity of $5,414,465, resulting in an annualized turnover rate of more than 12. The trades recommended by Kling caused this customer to pay commissions, trading costs and margin interests that totaled $153,879.00. This trading resulted in an annualized cost to equity ratio of more than 35%. For the client to break even, the customer\u2019s account would have had to grow by more than 35% annually just to reach the \u201cbreak-even point.\u201d\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/04\/Todd-Kling.png 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/04\/Todd-Kling-180x120.png 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Todd Kling (Todd Franklin Kling CRD# <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/3034284\" target=\"_blank\">3034284<\/a>) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic Group, LLC (CRD#: 39781), was expelled by FINRA on 9\/23\/2009. He has been in the industry since 1999. <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-todd-kling-after-excessive-trading\/#more-10524\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Todd Kling (Todd Franklin Kling CRD# 3034284) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[589,580],"tags":[],"class_list":["post-10524","post","type-post","status-publish","format-standard","hentry","category-churning-2","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Suspends Broker Todd Kling After Excessive Trading &#8212;<\/title>\n<meta name=\"description\" content=\"Todd Kling is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. in New York, NY.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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