Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 15, 2016 indicate that Virginia-based Cary Street Partners broker/adviser Kenneth Tyrell was discharged from his prior employer. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Tyrell (CRD# 2457452).
Kenneth Tyrell has spent 22 years in the securities industry and has been registered with Cary Street Partners in Fredericksburg, Virginia since August 2016. Previous registrations include UBS Financial Services in Vienna, Virginia; Merrill Lynch in Alexandria, Virginia; Wachovia Securities in St. Louis, Missouri; First Union Brokerage Services in Charlotte, North Carolina; Merrill Lynch in New York, New York; and Washington Square Securities in Des Moines, Iowa. He is a registered broker and investment adviser with fifteen US states and territories.
According to his BrokerCheck report, Kenneth Tyrell has received two denied customer complaints and was discharged from UBS Financial Services.
In August 2016 Kenneth Tyrell was terminated from his position at UBS Financial Services following allegations that “he had undisclosed outside activities and investments, failed to disclose conflict of interest involving his wife’s business that serviced a client of the firm, and engaged in selling away, all in violation of firm policy.”
In 2001 a customer alleged Kenneth Tyrell, while employed at First Union Securities, executed unauthorized trades involving mutual fund products. The customer sought $73,000 in damages in the complaint, which was denied.
In 2001 a customer alleged Kenneth Tyrell, while employed at First Union Securities, recommended unsuitable investments involving mutual fund products. The customer sought $32,000 in the complaint, which was denied.
“Selling away” refers to the purchase, solicitation, or sale by a broker of securities not offered by his/her member firm. Such transactions are typically also not included in the firm’s official records. Both FINRA rules and federal securities law forbid selling away: Perhaps the most important regulatory codification with respect to selling away is FINRA Rule 3040, which states that “No person associated with a member shall participate in any manner in a private securities transaction” unless the transaction complies with numerous terms, including written authorization from the member firm. Investment professionals who engage in selling away may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
A mutual fund is a variety of investment that combines a collection of stocks, bonds, or other securities. The collection is referred to as a portfolio. Each share of a portfolio represents the investor’s ownership of the fund’s holdings and the income generated by these holdings. Mutual funds typically generate money for investors either by way of dividends on stocks and interests on bonds, or a capital gain on the sale of securities. Mutual funds also allow you to receive a check for the distributions or simply reinvest the earning into more shares. They are often inexpensive and easy to purchase; they also generally allocate risk well, and bring the benefit of professional management. However, they may also come with hidden fees, and trigger a capital gains tax when a fund manager sells a security. Brokers and investment advisers who engaged in misconduct related to mutual fund investments also may be subject to disciplinary action.
If you have complaints regarding Kenneth Tyrell, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.