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Kyle Kirwan Named in Investor Dispute Alleging Overconcentration

Apr 26, 2022 Unsuitable Investments

Kyle Kirwan (CRD #: 5088691), a broker and investment advisor registered with Independent Financial Group, is involved in an investor dispute, according to his BrokerCheck record, accessed April 12, 2022. 

Investor Allegations

On January 31, 2022, Kyle Kirwan was named in an investor dispute alleging a breach of fiduciary duty and overconcentration in high-risk securities. The investor is seeking $334,000ーthe case is still pending.

Overconcentration is a Violation of FINRA Rule 2111

Overconcentration occurs when a broker concentrates an investor's portfolio in one security or sector, exposing the investment portfolio to an inappropriate degree of risk which can lead to significant losses.

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor.

Unsuitability Allegations

On April 29, 2020, an investor filed a dispute against Kyle Kirwan alleging unsuitable investment recommendations and failure to conduct proper due diligence before recommending securities. The case was settled for $54,037. 

Investors who rely on their brokers for financial advice may be able to recoup losses through FINRA arbitration if their broker recommended an unsuitable investment.

Background Information

 Kyle Kirwan 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 6 - Investment Company Products/Variable Contracts Representative Examination

He is a registered broker in 18 states. He is also a registered investment advisor in Nevada.

Besides Independent Financial Group, Kyle Kirwan has also worked with the following firms:

  • Kalos Capital (CRD#:44337)
  • Kalos Management (CRD#:133025)
  • First Heartland Consultants (CRD#:110377)
  • First Heartland Capital (CRD#:32460)
  • Silver Oak Securities (CRD#:46947)
  • Global Financial Private Capital  (CRD#:132070)
  • MTL Equity Products  (CRD#:15764)
  • Stonehurst Securities (CRD#:138218)
  • Community Bankers Securities (CRD#:42794)

Kurta Law Can Help

If you have worked with Kyle Kirwan and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com 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.