Kevin Robert Loud, of Phoenix Arizona, submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for failing to disclose an outside business and an outstanding tax lien.
In July 2012, Kevin Loud joined Silber Bennett Financial Inc. as a General Securities Representative and as an Investment Banking Representative. According to FINRA, from December 2014 through March 2015, Mr. Loud worked for and was an officer of a development-stage company named DC. During this period, Kevin Loud allegedly solicited individuals who were not Silber Bennett customers, to invest in the company. Along with these solicitations, Loud circulated an offering memorandum for DC that identified him as the company’s Chief Financial Officer directing all payments and subscriptions be made to him. FINRA stated that although his solicitations did not result in direct investments, he did assist in obtaining stock certificates for several investors and failed to indicate his participation in an outside company on his own firm’s compliance questionnaire.
Without admitting or denying FINRA’s findings, Loud consented to the sanctions and has been suspended from association with any FINRA member in all capacities for four months. The suspension is in effect from November 19, 2018, though March 18, 2019.
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 misconduct by their broker can file claims to recover damages against broker-dealers, like Silber Bennett Financial, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Silber Bennett Financial account due to misconduct by your broker? Was Kevin Robert Loud 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 Silber Bennett Financial 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 35 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 firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.