Our firm is investigating LPL Financial LLC broker and investment adviser Travis Jay Kohn (CRD# 6112397) of Richmond, Indiana for potential investment-related misconduct.
Financial Advisor’s Career Histor
Travis Jay Kohn has worked in the financial services industry for more than a decade. He is currently registered as both a broker and investment adviser with LPL Financial LLC.
According to FINRA records, Mr. Kohn became registered with LPL Financial LLC in November 2020 and is based out of branch offices associated with First Bank Richmond in and around Richmond, Indiana, as well as several locations in western Ohio. He is licensed as an agent or investment adviser representative in Indiana, Ohio, Florida, and Kentucky.
Before joining LPL Financial, Mr. Kohn was associated with J.P. Morgan Securities LLC in Richmond, Indiana, where he was registered from November 2012 through December 2019. During that time, he also reported employment with JPMorgan Chase Bank as a personal banker and licensed banker in Richmond, Indiana.
Travis Jay Kohn Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck currently reports one customer dispute disclosure on Travis Jay Kohn’s record. While the matter has been settled, the underlying allegations provide important context for investors considering whether to bring claims for losses.
In August 2022, a customer of LPL Financial LLC filed a written complaint alleging that Mr. Kohn failed to follow instructions related to the liquidation of mutual funds in the customer’s account. The claim involved mutual fund investments and asserted that the broker did not carry out liquidation instructions as requested. Although the alleged damages were not specified in a precise figure, the complaint described losses that could not be concluded as being under $5,000, satisfying FINRA’s reporting thresholds for customer disputes.
LPL Financial treated the complaint as an investment-related customer dispute and ultimately chose to settle the matter. In September 2022, the firm paid $15,291.00 to resolve the claim. FINRA records indicate that Mr. Kohn did not personally contribute to the settlement payment and that the complaint is no longer pending. In his statement on the disclosure, Mr. Kohn maintains that he followed the client’s instructions and that the transactions were appropriate and beneficial to the customer, emphasizing that the settlement was a business decision made to avoid the time and expense of arbitration and did not involve any admission of liability.
Investors reviewing this disclosure should understand that, even where a broker denies wrongdoing, a settlement of more than $15,000 in a dispute involving alleged failure to follow liquidation instructions can be a red flag—especially where retirement or long-term savings invested in mutual funds are at issue. A failure to act promptly or correctly on customer instructions can cause investors to miss market opportunities, incur unnecessary losses, or trigger tax consequences that might have been avoided with proper handling.
Summary of Relevant Disclosures
- Customer Dispute — Settled (2022)
- Firm: LPL Financial LLC
- Product: Mutual funds
- Allegations: Failure to follow customer instructions with respect to liquidation of mutual funds
- Date Complaint Received: August 1, 2022
- Settlement Amount: $15,291.00 (paid by the firm)
- Customer-Claimed Damages: Unspecified, but could not be concluded as under $5,000
- Status/Disposition: Settled on or about September 22, 2022; not pending
- Broker Statement: Denies wrongdoing; asserts he followed instructions and that the settlement was a business decision without any admission of liability
Even a single settled customer dispute may support claims in FINRA arbitration for investors who can show similar facts—such as mishandled liquidation instructions, delayed trades, or other failures to follow directions that caused quantifiable losses.
To obtain a copy of Travis Jay Kohn’s FINRA BrokerCheck report, visit this link.
Investors who believe their broker failed to follow instructions regarding mutual fund liquidations or other transactions should promptly gather their account statements, trade confirmations, and any written or electronic instructions they provided. A seasoned investment fraud lawyer can review this documentation, compare it with what actually occurred in the account, and help determine whether a claim for damages should be filed through FINRA arbitration.
The Law Offices of Robert Wayne Pearce, P.A. regularly handles complex broker and advisor investigations involving LPL Financial and other national and regional firms and maintains an active docket of Cases & Investigations involving alleged failures to follow instructions, unsuitable recommendations, and other forms of broker misconduct.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Ruling Part 1 – FINRA Rule 2010
FINRA Rule 2010 requires member firms and associated persons to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. It is a broad, catch-all rule that FINRA frequently applies when a broker’s conduct—while not fitting neatly into a more specific technical rule—still falls short of the ethical standards required in the securities industry.
In a case like the customer dispute involving Travis Jay Kohn, a panel of FINRA arbitrators could analyze whether an alleged failure to follow mutual fund liquidation instructions reflected a lack of fair dealing and commercial honor. If a customer gave clear instructions to liquidate mutual funds on a particular timeline or under specified conditions, but the broker delayed execution, executed only part of the order, or ignored the instructions entirely, that conduct may be found inconsistent with the “just and equitable principles of trade” standard.
Even where the firm pays the settlement and the broker does not admit liability—as happened in the $15,291 settlement reported on Mr. Kohn’s record—arbitrators in a new case may still cite FINRA Rule 2010 as a basis for finding that failing to carry out customer instructions was unethical and caused compensable harm.
Ruling Part 2 – FINRA Rule 4512
FINRA Rule 4512 governs customer account information and requires brokerage firms to maintain essential facts about each customer and their accounts, including objectives, risk tolerance, and other details necessary to service the account properly. Accurate and up-to-date account records help ensure that brokers understand the customer’s needs and can process instructions correctly.
In disputes over mutual fund liquidation instructions, Rule 4512 can be highly relevant in several ways:
- If a customer’s account information inaccurately reflected their investment objectives, time horizon, or liquidity needs, that mismatch could contribute to a broker failing to recognize the urgency or importance of a liquidation request.
- Poor recordkeeping or incomplete notes about prior communications may lead to confusion about what the customer wanted the broker to do, resulting in delayed or incorrect trades.
- If a firm does not properly document trusted contact information, correspondence preferences, or other account details, it may fail to clarify or confirm instructions before markets move against the investor.
Arbitrators evaluating the settled customer complaint involving Mr. Kohn could consider whether the firm’s account records and internal documentation complied with FINRA Rule 4512, and whether any deficiencies in recordkeeping contributed to the alleged failure to follow liquidation instructions and the resulting mutual fund losses.
Ruling Part 3 – FINRA Rule 3110
FINRA Rule 3110 requires brokerage firms to establish and maintain a supervisory system—supported by written supervisory procedures—that is reasonably designed to achieve compliance with securities laws and FINRA rules. This includes supervising how brokers handle customer instructions, process mutual fund transactions, and respond to complaints.
In a case like the one involving Travis Jay Kohn, investors and their lawyers may examine whether LPL Financial’s supervisory system was adequate to:
- Monitor how brokers document and execute customer instructions to liquidate mutual funds;
- Detect patterns of delayed or incomplete executions that could signal broader operational or training issues; and
- Ensure timely review and resolution of customer complaints alleging failure to follow instructions.
If multiple customers experienced similar issues involving mutual fund liquidations or missed instructions, that pattern could suggest that the firm’s supervisory procedures were not reasonably designed or effectively implemented—supporting a separate claim for violation of FINRA Rule 3110. Even where there is only one reported dispute, arbitrators may still inquire whether branch managers or compliance staff adequately reviewed the transactions and communications at issue and whether better supervision could have prevented or mitigated the investor’s losses.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.