The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Charles Kenahan. According to his publicly available FINRA BrokerCheck report, Charles Kenahan has been the subject of multiple customer disputes.
Charles Kenahan was a Massachusetts based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
- Thomas Mckinnon Securities (1985-1986)
- Bear, Stearns & Co. (1986-1989)
- Smith Barney Inc. (1989-1994)
- Morgan Stanley (1994-2007)
- Merrill Lynch (2007-Present)
- In February 2018, a customer alleged that Charles Kenahan recommended unsuitable investments, executed unauthorized trades, and excessively traded their account. This case is currently pending. The customer is seeking $42,218,702 in damages.
- In March 2018, a customer alleged that Charles Kenahan recommended unsuitable investments, excessively traded their account, and made material misrepresentations. This case was settled for $40 million in damages.
- In May 2018, a customer alleged that Charles Kenahan excessively traded their account and recommended unsuitable investments. This case was settled for $350,000 in damages.
- In July 2019, Charles Kenahan was discharged from his position at Merrill Lynch. This followed customer allegations that he executed unauthorized trades, recommended unsuitable investments, and excessively traded their account.
What Does This Mean?
It is crucial that securities brokers trade their customers’ accounts in a suitable manner. This not only means recommending suitable investments, but also trading customer accounts at a suitable frequency. When an investor’s account is traded excessively, it can cause them to incur significant losses. This is because investors are charged additional fees every time a securities broker executes a transaction on their behalf. These fees include hefty commissions for the recommending brokers as their compensation for executing the transaction. These fees and commissions very easily add up and drastically lower an investor’s principal beyond the point of seeing desired investment returns. When an investor excessively trades an investor’s account with the express purpose of generating commissions for themself, they have committed a fraudulent act known as churning.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Charles Kenahan, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.