Stoltmann Law Offices is investigating Julius Franklin Kenney, a former broker with LPL Financial. The Financial Industry Regulatory Authority (FINRA) permanently barred Kenney from the securities industry on June 12, 2015. He entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA, and it alleges that Kenney was barred for refusing to comply with a FINRA investigation regarding his outside business activities when he was with LPL Financial. Outside business activity, usually referred to as “selling away” is when a broker or investment advisor solicits securities not held or offered by their brokerage firm. Such activities are a violation of securities regulations. This practice is usually so the broker or advisor can collect commissions and fees associated with the outside security. That security may not always be suitable for the client, and sometimes the purchase or sale is made without the client’s knowledge of the activity.
Julius Franklin Kenney was a registered representative with J.C. Bradford & Co. from August 1972 until July 1974, Mutual Benefit Financial Service Company from December 1974 until November 1984, Integrated Resources Equity Corp from October 1984 until October 1985, E.F. Hutton from September 1985 until May 1988, Lehman Brothers from May 1998 until July 1993, Salomon Smith Barney from July 1993 until October 2001, Hartford Equity Sales Company from November 2001 until March 2002 and P.J. Robb Variable Coporation from May 2002 until August 2007. He has one customer dispute against him, which is currently pending. Kenney is not licensed to act as a broker or as an investment adviser within the industry.
If you or someone you know invested money with Julius Franklin Kenney, his former firm, LPL Financial, can be sued in the FINRA arbitration forum. We are securities attorneys in Chicago, Illinois and if you call 312-332-4200 you will be able to speak to one of our experienced attorneys about your options. LPL Financial can be held responsible for financial losses, because they had a duty to reasonably supervise Mr. Kenney while he was employed there. We take cases on a contingency fee basis.