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Investors Seek Nearly $3 Million in Disputes with Jeffrey Kennedy

Oct 28, 2022 Unsuitable Investments

Jeffrey Kennedy (CRD #: 5094149), a broker registered with Center Street Securities, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on March 29, 2023. Investors may have also engaged his services through Capital Advisor Network. Keep reading to learn more about his conduct as a broker.

Investor Disputes

In six pending disputes filed from July 2022 to January 2023, investors allege that Jeffrey Kennedy made unsuitable investment recommendations. These clients seek $1,310,001 in damages.

Another dispute, filed on September 2, 2022, also alleged that Jeffrey Kennedy recommended unsuitable investments and further alleged inadequate due diligence was performed on these investments. The client seeks $1.5 million in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. Brokers must consult an investor’s profile, which contains the following client characteristics:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

Jeffrey Kennedy has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Jeffrey Kennedy is a registered broker in 14 states and a registered investment adviser in Illinois.

He has also worked for the following firms:

  • Center Street Advisors (CRD#:169329)
  • Brookstone Capital Management (CRD#:141413)
  • The O.N. Equity Sales Company (CRD#:2936)
  • Northwestern Mutual Investment Services (CRD#:2881)

Kurta Law Can Help

If you worked with Jeffrey Kennedy and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.