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Joel Kichline Faces FINRA Suspension and Employment Separation

Mar 18, 2022 Unauthorized Trading

Joel Kichline (CRD #: 1416219), a broker previously registered with Stifel, Nicolaus & Company, Incorporated, has been suspended by FINRA, following allegations that he exercised discretion in trading without written authorization from clients. This information is from Joel Kichline’s BrokerCheck record, accessed on March 4, 2022. You can find more information below about Joel Kichline’s conduct as a broker.

Unauthorized Trading Allegations

On January 7, 2022, Joel Kichline consented to the findings that he exercised discretion without authorization in the accounts of five customers. These actions allegedly took place between January 1, 2019, and July 9, 2020. Raymond James allegedly did not accept any of the accounts for discretionary trading.

As part of the terms of the AWC, he consented to the following sanctions: 

  • One-month suspension
  • $5,000 fine

You can read a copy of the AWC here.

What Is Unauthorized Trading?  

FINRA Rule 3620 requires brokers and firms to receive prior written authorization before exercising any discretionary power in an investor’s account. FINRA Rule 2010 requires brokers to observe high standards of commercial honor, and a violation of FINRA Rule 3620 is also a violation of Rule 2010. Brokers who do not receive authorization before making discretionary trades are in violation of both Rule 3620 and Rule 2010.

State Regulatory Action

On February 1, 2022, the State of Missouri sanctioned Joel Kichline. 

He consented to the following sanctions from the State of Missouri:

  1. One-month suspension
  2. $2,500 fine

Employment Disclosures 

On August 6, 2020, Raymond James & Associates, Inc. fired Joel Kichline for violating firm policy. He allegedly violated firm policy by exercising discretion without written authorization to place trades in clients’ non-discretionary accounts. 

On February 23, 2022, Joel Kichline voluntarily resigned from Stifel, Nicolaus & Company, following allegations that he may have exercised discretion without written authorization. 

Background Information

Joel Kichline has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 3 - National Commodity Futures Examination
  • Series 7 - General Securities Representative Examination

Joel Kichline has worked for the following firms:

  • Stifel, Nicolaus & Company, Incorporated (CRD #: 793)
  • Raymond James & Associates, Inc. (CRD#:705)
  • Wachovia Securities, LLC (CRD #: 19616)
  • G. Edwards & Sons, Inc. (CRD #: 4)

Kurta Law Can Help

If you worked with Joel Kichline and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.