Articles Tagged with John Kakonikos

AdobeStock_99700100-2-300x200Stoltmann Law Offices is investigating John Billy Kakonikos, a former broker with Southeast Investments in East Meadow, New York. Kakonikos is accused of recommending and executing securities transactions in the client’s account, over which he had control. The Financial Industry Regulatory Authority (FINRA) alleged that he Kakonikos’ trading was excessive and quantitatively unsuitable for the client. A broker must take into account a client’s age, net worth, and investment objectives when recommending or selling a security, and, if he does not, his investment firm can be held liable for losses. We are Chicago-based securities attorneys who bring cases in the FINRA arbitration forum in order for investors to recover their losses. Please call 312-332-4200 for a free consultation with one of our attorneys. There is no obligation and we take cases on a contingency fee basis only, so we do not make money unless you recover yours.

Kokonikos was registered with JP Turner, Hunter Scott Financial, Caldwell International Securities, John Thomas Financial, and Southeast Investments in East Meadow, New York from February 2014 until February 2016. He has five customer disputes against him, according to his online FINRA BrokerCheck report. He is currently suspended from the industry.

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.

Did you lose money with John Kakonikos, a former broker with Southeast Investments? If so, please call our Chicago-based securities law firm today to speak to an attorney. Kakonikos was accused of acting negligently, churning accounts, breaching fiduciary duty, breaching contract, and executing excessive trades, among other transgressions. He was registered with JP Turner & Company, Hunter Scott Financial, Caldwell International Securities, John Thomas Financial, and Southeast Investments in East Meadow, New York and was registered there from February 2014 until February 2016. He is not currently registered with any member firm. He has five customer disputes against him.

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