Kennister Daley Involved in a Second Unsuitability Dispute
Kennister Daley ( CRD #: 1774653), a broker registered with Allstate Financial Services, LLC, is involved in his second unsuitable investment dispute, according to his BrokerCheck record, accessed on March 28, 2022.
Unsuitable Investment Allegations
According to the allegations filed on February 22, 2022, Kennister Daley recommended unsuitable investments. The Statement of Claim also alleges fraud and negligence regarding the purchase of a non-traded REIT. The investor is seeking $100,001.
What is a REIT?
A Real Estate Investment Trust (REIT) is a real estate investment that comprises a selection of income-producing real estate. These investments can be high-risk especially if they are non-traded.
Previous Unsuitability Allegation
Kennister Daley was involved in another unsuitability dispute in 2017. The investor sought $65,000; however, the firm denied the case. Firms can deny cases without external review and investors should know that they can still recover investments following a denial.
FINRA Rules 2111, 2020, and 2010
Brokers who recommend securities are subject to FINRA rules and regulations.
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment.
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.
Kennister Daley’s alleged unethical conduct also violates FINRA rule 2010, which state that brokers must uphold high standards of commercial honor.
Kennister Daley 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 24 – General Securities Principal Examination
Kennister Daley is a registered broker in two states.
Prior to working at Allstate Financial Services, LLC, Kennister Daley also worked as a registered broker at the following firms:
- Dawson James Securities, Inc. (CRD #: 130645)
- NewBridge Financial Services Group, Inc. (CRD #: 130814)
- Newbridge Securities Corporation (CRD #: 7569)
- National Securities Corporation (CRD #: 7569)
- Sterling Financial Investment Group, Inc. (CRD #: 41506)
- Joseph Charles & Assoc., Inc. (CRD #: 3949)
- Barber & Bronson Incorporated (CRD #: 26582)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #: 7691)
- Rosenkrantz Lyon & Ross Incorporated (CRD #: 3227)
- Kimbridge & Co., Inc. (CRD #: 15631)
- The David-Maxwell Company, Inc. (CRD #16876)
Kurta Law Can Help
If you have been victimized by Kennister Daley and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated on behalf of investors who have lost money following broker fraud or misconduct. Kurta Law is a nationally recognized law firm and exclusively represents investors on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Our attorneys will work tirelessly to restore your lost funds and get your financial future back on track.