Daniel K. Kittner, a former registered representative with Ameritas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was alleged to be in violation of NASD Rule 2510(b), FINRA Rule 2010 and 4511, assessed a fine of $7,500 and suspended.
In 2011, Kittner joined Ameritas Investment Corporation as a General Securities Representative and a General Securities Principal. According to FINRA, from June 2015 to September 2017, Kittner exercised discretion in the account of a married couple without having written authorization and acceptance of the accounts as discretionary by both the customers and the firm. The findings stated that Kittner effected approximately 700 trades in six separate accounts belonging to the customers without contacting them and confirming the details. The findings also stated that Kittner failed to mark the orders as discretionary, causing the firm’s books and records to be inaccurate.
Without admitting or denying FINRA’s findings, Mr. Kittner consented to the sanctions and was suspended from association with any FINRA member in all capacities for 60 days. His suspension was in effect from October 15, 2018, through December 13, 2018.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized trading, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Ameritas, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Ameritas account due to unauthorized trading by your broker? Was Daniel K. Kittner your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Ameritas stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.