Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Kevin Meadows (Meadows), most recently associated with IBN Financial Services, Inc. (IBN Financial Services) has been subject to at least five customer complaints and two regulatory actions during the course of his career. Meadows has been recently barred by FINRA from acting as a broker. According to records kept by The Financial Industry Regulatory Authority (FINRA), Meadows’s customer complaints alleges that Meadows recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts, including churning customer accounts.
In April 2020, a customer complained that Meadows violated the securities laws by alleging that Meadows recommended unsuitable investments and failed to repay a loan. Further, the claim alleged that Meadows engaged in failure to supervise, excessive trading, and breach of fiduciary duty. The damage amount requested was $168,000. The claim settled in the amount of $35,000.
In March 2006, a customer complained that Meadows violated the securities laws by alleging that Meadows engaged in unauthorized trading and use of margin in customer accounts. The damage amount requested was $135,481.71. The matter was settled in a voluntary mediation, without going through arbitration/litigation. The claim settled in the amount of $50,000.