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Investor Alleges Kenan Bell Failed to Inform Client About Account Activity, Tax Information

May 20, 2022 Investor Disputes

Kenan Bell (CRD #: 5371532), a broker registered with MML Investors Services, allegedly failed to disclose information to an investor, according to his BrokerCheck record, accessed on May 15, 2022. Read on if you have questions about Kenan Bell’s conduct as a broker.

Investor Dispute

In a dispute filed on March 7, 2022, an investor alleges that, in 2021, Kenan Bell failed to disclose that he was moving the money out of the client’s mutual fund all at once, where the funds would be moved to, or that the transaction would be subject to capital gains tax.

The investor also alleges that Kenan Bell moved funds out of another account against her wishes and into an account that was not sufficiently explained to her, which is also losing money.

This dispute is currently pending.

FINRA Rules 3260 and 2020

FINRA Rule 3260 limits brokers to exercising their trading discretion only in pre-authorized discretionary accounts.

Brokers are required to consider factors like capital gains tax before they recommend securities transactions. Tax consequences can make a transaction unsuitable and therefore in violation of FINRA Rule 2111

Background Information

Kenan Bell has passed the following exams:

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

Kenan Bell is a registered broker in 13 states.

He has also worked for Foreside Fund Services (CRD#:46106) and Unified Financial Securities (CRD#:7868).

Kurta Law Can Help

If you worked with Kenan Bell and you 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.