The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Michael Kemp. According to his publicly available FINRA BrokerCheck report, Michael Kemp has been the subject of customer dispute.

Michael Kemp is a Virginia based securities broker. He has worked in the securities industry for twenty-four years. During his career, he has been registered with four different securities firms.

His Registrations

  • UBS Painewebber (1993-2001)
  • Citigroup Global Markets (2001-2009)
  • Morgan Stanley (2009-2012)
  • UBS Financial Services (2012-Present)

The Allegations 

In June 2018, a customer filed a claim against UBS Financial Services due to the alleged actions of Michael Kemp. The customer in this matter alleged that his stock position was moved from his non-discretionary account to his discretionary account without his knowledge and that it was also sold without his authorization. This complaint is currently pending. The customer is seeking an undisclosed amount in damages.

Discretion

Discretion is a trading practice that centers around a securities broker trading a customer’s account without having to obtain the customer’s authorization before executing trades. Before a securities broker begins exercising discretion, they have to receive their customer’s express written authorization and have their member firm accept the account as suitable for discretionary trading.

The customer in the above mentioned case held multiple accounts at UBS Financial Services. One account was designated specifically for discretionary trading, while the other was not. This means that Michael Kemp would still need to obtain the customer’s authorization before executing trades in the non-discretionary account.

The allegations levied against Michael Kemp construct a narrative of a securities broker that did not want to obtain his customer’s authorization before executing a trade in a non-discretionary account. Then to circumvent this, he allegedly just moved the securities to his account designated for discretionary trading where he could then execute trades without his customer’s authorization.

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 manner could 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 Michael Kemp, 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.