The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Kevin Gunnip. According to his publicly available FINRA BrokerCheck report, Kevin Gunnip has been the subject of multiple customer disputes.

Kevin Gunnip was a Texas based securities broker. He worked in the securities industry for twenty-two years. He spent his entire career registered with Morgan Stanley between 1996 and 2018. He is no longer working as a registered securities broker in any fashion.

The Allegations

  • In June 2016, customers alleged that Kevin Gunnip recommended unsuitable investments. This case was settled for $150,000 in damages.
  • In February 2017, a customer alleged that Kevin Gunnip recommended unsuitable investments. This case was settled for $145,000 in damages.
  • In August 2017, customers alleged that Kevin Gunnip excessively traded their account. This case was settled for $614,000 in damages.
  • In February 2018, Kevin Gunnip resigned from his position at Morgan Stanley amidst allegations of unauthorized trading.
  • In September 2019, Kevin Gunnip was officially sanctioned by FINRA. The findings in this matter state that Kevin Gunnip engaged in the unsuitable short-term trading of securities designed to be held onto long-term. Due to these allegations, Kevin Gunnip was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

One of the most notable allegations levied against Kevin Gunnip was that he excessively traded a customer’s account. This is an unfair trading practice that is detrimental to investors. This is because having their accounts traded excessively not only serves no benefit to them, but it actually harms them in various ways. For one, it can easily prevent investments from growing and thus prevent investments from seeing their desired returns. Second, for each new transaction that is executed, the investor incurs an additional sales charge. These charges add up and work toward the deterioration of the investor’s principal investment. The majority of these charges are paid to the broker as their commissions for brokering the trades. This serves to be the main motivation behind brokers’ excessive 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. We work on a contingency basis which means there are no fees charged unless we collect for you. If you, or someone you know, have lost money investing with Kevin Gunnip, please contact Oakes & Fosher for a free and private consultation.