The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Kevin Jedlicka. According to his publicly available FINRA BrokerCheck report, Kevin Jedlick has been the subject of multiple employment terminations and a FINRA sanction.
Kevin Jedlicka was a Maryland based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker.
His Registrations
- Global Financial Group (1997)
- Alex. Brown & Sons Incorporated (1997)
- Dean Witter Reynolds (1997-2000)
- First Union Brokerage Services (2000)
- Wells Fargo (2000-2010)
- Chapin, Davis (2010-2013, 2015-2016)
- BB&T Securities (2013-2015)
- Capital Portfolio Management (2016-2017)
The Allegations
- In October 2010, Kevin Jedlicka was terminated from Wells Fargo Advisors following allegations that he was involved in an unfunded variable annuity trade.
- In January 2016, Kevin Jedlicka was terminated from his position at Chapin Davis following allegations that he was engaging in unsuitable transactions as well as excessively trading customer accounts.
- In January 2018, Kevin Jedlicka was officially sanctioned by FINRA. The findings in this matter state that Jedlicka engaged in a pattern of highly unsuitable short-term trading of Class A mutual fund shares and unit investment trusts in customer accounts. He allegedly continuously advised these customers to purchase these products and then re-sell them far to quickly, even though these products were designed to be held for long periods of time. This alleged trading strategy proved to be highly unsuitable due the excessive sales charges associated with these two products that the customers incurred. The findings state that the customers suffered total losses of $206,306 because of Kevin Jedlicka’s alleged actions. Due to these alleged actions, Kevin Jedlicka was suspended from acting as a securities broker in any fashion for a period of six months.
What Does This Mean?
Different types of securities are designed to be held onto for different periods of time. For instance, there is a product known as a leveraged ETF that is designed to be bought and then sold within a single trading day. However, the Class A mutual fund shares and unit investment trusts were designed to be purchased and then held onto for longer periods of times. Kevin Jedlicka’s alleged recommendations to purchase and then resell these products before their maturity dates proved highly unsuitable because the investors saw no returns on their investments but continued to incur significant sales charges that are associated with Class A mutual funds and UITs.
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 Kevin Jedlicka, please contact Oakes & Fosher for a free and private consultation.
