Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kieran Loughran (Loughran), previously associated with Spartan Capital Securities, LLC, has at least one disclosable event. These events include one regulatory, alleging that Loughran recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on August 28, 2024.
Without admitting or denying the findings, Loughran consented to the sanctions and to the entry of findings that he excessively and unsuitably traded the account of one customer, a senior who was a farmer and business owner. The findings stated that Loughran recommended high frequency in-and-out trading to the customer, even when the price of his recommended securities did not materially change. The customer relied on Loughran’s advice and routinely followed his recommendations, and as a result, Loughran exercised de facto control over the account. Loughran’s trading in the customer’s account was excessive and unsuitable given the customer’s investment profile and his in-and-out trading in the customer’s account generated total trading costs of $49,633.24, including $43,495.37 in commissions, and caused $179,878 in total realized losses.
