Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Joel Kichline (CRD # 1416219) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into using unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Kichline.
Registration Background for Joel Kichline
Mr. Kichline first became registered in the securities industry in 1985. He is currently registered with Frontenac, MO based Stifel, Nicolaus & Company, Incorporated (CRD # 793). His prior registrations include Raymond James & Associates, Inc. (CRD # 705) from May 2009 to August 2020, and Wachovia Securities, LLC (CRD # 19616) from January 2008 to May 2009.
FINRA’s Allegations Against Joel Kichline
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated January 13, 2022 Mr. Kichline consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 1, 2019, through July 9, 2020, [Mr.] Kichline exercised discretion on 1,519 occasions in five customers’ accounts”;
- “Although the customers gave [Mr.] Kichline oral discretion to purchase or sell securities, none of the customers provided prior written authorization for [Mr.] Kichline to exercise discretion in their accounts”;
- “Additionally, Raymond James did not accept any of the customer accounts as discretionary accounts”; and
- By virtue of his actions, Mr. Kichline violated NASD Rule 2510 and FINRA Rule 3260 regarding discretionary accounts; and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Suspends Joel Kichline from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s January 13, 2022 AWC also indicates that Mr. Kichline consented to the following sanction(s):
- A one-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
Joel Kichline Has A History of Securities Industry Customer Complaints
In addition to Joel Kichline being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Kichline reveals that he has a history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On December 12, 2006 a customer initiated a complaint against Mr. Kichline regarding alleged actions that occurred while he was associated with A.G. Edwards & Sons, Inc. The customer alleged Mr. Kichline opened accounts in her name without authorization. Mr. Kichline denied the allegations and the complaint was closed with no action on March 7, 2008.
If you or someone you know has or had a brokerage account with Joel Paul Kichline and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.