Kennedy was discharged by Western International on 8/27/2021 with cause, “Clients have alleged unauthorized options trading and failure to adhere to discretionary options sales orders.” No additional information is available. However, Kennedy’s CRD includes ten customer disputes dated from 9/10/2021 through 6/9/2022. Of the ten, seven are settled, and three are listed as “pending.” All have allegations of misconduct including improper trading and other breaches of fiduciary duty.
Western International Securities And Chris Kennedy
These disputes are currently pending:
- Filed on 6/9/2022, the customer alleges “misrepresentation, suitability of transactions, and breach of fiduciary duty in the management of the account,” and requests damages of $120,694.00.
- Filed on 5/10/2022, the customer alleges, “losses sustained by virtue of unauthorized trading.” There is no mention of the requested financial damages.
- Filed on 3/30/2022, the customer alleges that Kennedy “engaged in extensive and unauthorized trading without client’s knowledge or consent,” and requests damages of $2,453,936.28
These claims have been settled:
- Filed on 1/13/2022, with allegations that “. . .on August 24, 2021, that Kennedy had begun in February 2021 to use margin without approval of the Client family accounts and that during the week of July 26th Kennedy had engaged in improper options trading for Client. Claimant allegations, include but not limited to, Breach of Fiduciary duty.” The client requested damages of $5,424,035.00, and the claim was settled for $3,800,000.00.
- Filed on 12/10/2021, the client alleged “breach of fiduciary duty, unauthorized trading, and breach of contract.” Requested damages were $245,000.00, and the claim settled for $125,000.00.
- Filed on 11/29/2021, the client “expressed concerns about the handling of his account.” The client requested damages of $36,870.52, and the claim was settled for that amount.
- Filed on 11/16/2021, the client “raised concerns regarding misrepresentation and negligence in handling accounts.” The client requested damages of $40,731.26, and the claim was settled for that amount.
- Filed on 11/1/2021, the client alleged “breach of contract, fiduciary duty, and negligence in handling the account.” The client requested damages of $375,000.00, and claim was settled for $245,000.00.
- Filed on 9/13/2021, the client alleged that “Kennedy was trading without authority from the client or supervision from Western,” and that the account suffered losses of over $300,000 over a “few months.” This claim was settled for $450,000.
- Filed on 9/10/2021, “Client alleged through counsel that Kennedy forged and denied access to client account statements in order to hide allegedly improper trading in the Client’s account occurring from December 2020 through August 2021, including options trading conducted in the last week of July 2021 which led to these allegations.” This claim was settled for $2,760,000.00.
These settled claims total $7,457,601.78.
Did You Invest With Christopher Kennedy?
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