Michael Joseph David Kane, Registered Rep with Davenport & Company, LLC Has Been Sanctioned by FINRA for Unauthorized Trading in Customer Accounts

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that Virginia-based Davenport & Company, LLC broker/advisor Michael Joseph David Kane (CRD # 704604) was recently sanctioned by FINRA’s Department of Enforcement for securities fraud. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who hastock broker fraud ve securities fraud complaints regarding Mr. Kane and/or Davenport & Company, LLC.

Mr. Kane became registered in the securities industry in 1980 and has been registered with Davenport & Company, LLC (CRD # 1588) since 1994. His previous registrations with FINRA member firms include Prudential Securities Incorporated (CRD # 7471) from February 1980 to October 1994.

FINRA’s Findings and Conclusions of Securities Fraud

According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated July 30, 2019, Mr. Kane consented to being sanctioned without admitting or denying the following findings by FINRA’s Department of Enforcement:

  • From April 2017 through August 2017, he executed 64 discretionary transactions in 19 customers’ accounts. None of the customers gave him prior written authorization to exercise discretion in their accounts, though some of the customers had given him express or implied authority to exercise discretion in their accounts;
  • Davenport had not approved any of the accounts for discretionary trading; and
  • Kane’s actions during the relevant period were in violation of NASD Rule 2510(b) and FINRA Rule 2010.

FINRA Sanctions Michael Joseph David Kane

FINRA”s July 30, 2019 AWC also shows that Mr. Kane consented to the following sanctions:

  • A suspension from associating with any FINRA member firm in any and all capacities for 15 business days; and
  • A $2,500.00 fine.

Find out if you have Recourse

If you or someone you know has or had a brokerage account with Michael Joseph David Kane and/or Davenport & Company and have concerns regarding losses in your investments or possible 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.