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Kenneth McCabe Involved in Unsuitability Dispute

Kenneth McCabe (CRD #:2980438), a broker and investment advisor registered with Centaurus Financial, is involved in an unsuitability dispute, according to his BrokerCheck record accessed on February 16, 2023. 

According to the allegations filed on November 23, 2021, Kenneth McCabe misrepresented high-commission and illiquid investments purchased between 2014 and 2018. The dispute was settled for $95,000. 

There is another unsuitability dispute on his record:  On May 6, 2020, he was involved in another unsuitability dispute. According to the client, Kenneth McCabe’s investment recommendations performed poorly. The dispute settled for $65,000. 

Brokers who recommend a security or investment are subject to FINRA rules and regulations. 

  • FINRA Rule 2111 requires registered brokers to have a “reasonable basis” to believe that a recommended transaction or investment strategy suits their client’s needs.
  • FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or persuading individuals to buy investments with false statements about their potential benefits. 
  • Kenneth McCabe’s alleged unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor. 

Tax lien

In 2021, Kenneth McCabe became the subject of a tax lien totaling $199,366.67.

Background Information

Kenneth McCabe 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 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Kenneth McCabe is a registered broker in nine states. He is also a registered investment advisor in five states.

Besides Centaurus Financial, Kenneth McCabe has also worked with the following firms:

  • Ameriprise Financial Services (CRD#:6363)
  • IDS Life Insurance Company (CRD#:6321)
  • Signator Investors (CRD#:468)

Kurta Law Can Help

If you have worked with Kenneth McCabe and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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. Please reach out if you have any questions about what steps to take next to recover your investment losses.