According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), John Kakonikos allegedly engaged in excessive and unsuitable trading in the account of a customer. This allegedly caused trading losses of $72,524.53, while generating $41,617.56 in fees and commissions, and 55 of the trades that Kakonikos effected were allegedly unauthorized by the customer. Excessive trading occurs when a registered representative exercises control over a customer’s account and the level of activity in that account is inconsistent with the customer’s investment objectives, financial situation and needs. It is a particularly egregious tactic often used by a broker to generate large commissions for himself. It is against securities rules and regulations. For this, Kakonikos was fined $10,000 and suspended for 18 months.
Kakonikos was registered with JP Turner & Co., Hunter Scott Financial, Caldwell International Securities, John Thomas Financial, Caldwell International Securities and Southeast Investments in East Meadow, New York from February 2014 until February 2016. He has five customer disputes against him and is not licensed within the industry, according to his online, FINRA BrokerCheck report.
If you invested money with John Kakonikos, please call our Chicago-based securities law offices today to speak to an attorney about your options of bringing legal action against his former firm, Southeast Investments, in the FINRA arbitration process. The call to us is free with no obligation and we take cases on a contingency fee basis only. 312-332-4200.