The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Daniel Kittner. According to his publicly available FINRA BrokerCheck report, Daniel Kittner has been the subject of a customer dispute and a FINRA sanction.

Daniel Kittner was an Arizona based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Edward Jones (2001-2006)
  • Wells Fargo Advisors (2006-2011)
  • Ameritas Investment Corp. (2011-2017)

The Allegations

  • In September 2017, customers alleged that Daniel Kittner charged them excessive commissions and executed unauthorized trades. This case was settled for $41,000 in damages. He resigned from his position at Ameritas Investment Corp. amidst the allegations.
  • In October 2018, Daniel Kittner was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in the accounts of a married couple. He allegedly did this without written authorization from the customers or by having the account accepted as discretionary by his member firm. Due to the alleged actions, he was fined $7,500 and suspended from acting as a securities broker in any fashion for a period of sixty days.

What is Discretion?

Discretion is a trading practice where an investor gives their securities broker full control over their investment account. Normally, a securities broker is required to obtain their customer’s authorization before executing trades on their behalf. However, discretion allows securities brokers the ability to forgo this procedure and trade the account as they see fit. However, before a securities broker can begin engaging in this practice, they must first receive express written permission from the account holder. The broker’s member firm must also accept the account in question as one that is suitable for discretionary trading.

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 Daniel Kittner, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.