Kenneth Byrne Barred by FINRA Over Alleged Refusal to Provide Testimony

Kenneth Byrne (CRD #: 1191939), a broker formerly registered with Janney Montgomery Scott, has been barred by FINRA, according to his BrokerCheck record, accessed on February 28, 2023. Read on to learn more about his alleged conduct as a broker.

Bar by FINRA

On January 31, 2023, Kenneth Byrne consented to the entry of findings that he allegedly refused to appear for on-the-record-testimony requested in connection with a FINRA investigation into the suitability of his trade recommendations.

According to a Letter of Acceptance, Waiver & Consent (AWC), FINRA allegedly sent him a request to appear for testimony on January 19, 2023. Kenneth Byrne allegedly stated his refusal to appear for testimony on January 20, 2023.

The AWC concludes that this alleged refusal violated FINRA Rules 8210 and 2010.

FINRA Rule 8210

FINRA Rule 8210 requires members to provide documents, information, and testimony upon request by FINRA.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Kenneth Byrne was permanently barred by FINRA starting January 31, 2023.

You can read a copy of the AWC here.

Investor Dispute

On April 11, 2018, an investor alleged that Kenneth Byrne purchased unsuitable investments in her accounts. The client sought $1 million in damages and received a settlement of $175,000.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe information about an investor’s risk tolerance, tax status, and financial goals.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Kenneth Byrne has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 52 – Municipal Securities Representative Examination

He previously worked for the following firms:

• Janney Montgomery Scott (CRD#:463)
• Monarch Financial Corporation of America (CRD#:23437)
• Stoever, Glass & Company (CRD#:7031)

Kurta Law Can Help

If you worked with Kenneth Byrne 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.