Rosca Scarlato LLC law firm attorneys are investigating former Merrill Lynch broker Charles Kenahan (also known as Charles Ernest Kenahan) for his alleged refusal to produce information and documents, and to appear for on-the-record testimony requested by FINRA during an investigation connected to a claim from customers alleging sales practice violations.
FINRA began an investigation after receiving a claim in 2018 from a set of Kenahan’s customers according to FINRA Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm and his colleagues are investigating conduct related to Charles Ernest Kenahan’s alleged misconduct during FINRA’s investigation.
Investors who are concerned about their investment with Kenahan may contact attorney Rosca or his colleagues for a free consultation and discussion of potential options, or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
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Charles E. Kenahan Barred by FINRA for Refusal to Produce Requested Information and Appear for On-The-Record Testimony
The AWC reports that Kenahan allegedly cooperated during FINRA’s investigation but stopped doing so in January 2021.
On December 15, 2020, FINRA staff sent two requests to Charles E. Kenahan, one request to produce information and documents, and a second request for the continuation of his testimony. During a phone call on January 8,2021, Kenahan acknowledged that he received FINRA’s requests and will not produce the information and documents requested or appear for on-the-record testimony, in violation of FINRA Rules the AWC states.
As a result of Kenahan’s alleged misconduct, he has been barred from associating with any member firm in all capacities.
Broker Charles Ernest Kenahan signed the AWC accepting and consenting to FINRA’s findings, without admitting or denying the findings, and solely for the purposes of the proceeding brought by or on behalf of FINRA, prior to a hearing and without an adjudication of any issue of law or fact.
New Hampshire Bureau of Securities Regulation Barred Charles Kenahan in December 2020
A Cease-and-Desist sanction reported on Kenahan’s FINRA Brokercheck page shows the New Hampshire Bureau of Securities Regulation permanently barred Charles Kenahan in December 2020 on allegations of unauthorized trading, mismarked tickets, inappropriate ETs, over charged, and excessive trading.
Charles Ernest Kenahan was also ordered to pay a fine of $2 million and restitution of $24.2 million, as reported on his Brokercheck report.
Over 64 Million Reportedly Paid in Settlement to Kenahan Customers
Kenahan’s FINRA Brokercheck report shows over 64 million were paid in settlements to multiple customers between 2018 and 2020 alleging unsuitable investments, unauthorized trading, and excessive trading in disputes involving Kenahan.
One customer who filed a dispute in February 2018, seeking $42,218,702 for the alleged damages, received a settlement of $24,250,000 in December 2020.
Another customer who filed a dispute in May 2018, seeking $700,000 for the alleged damages, received a settlement of $350,000 in October 2019.
A third customer who file a dispute in March 2018, with no alleged damages reported, received a settlement of $40,000,000 in June 2019.
Kenahan Was Discharged from Merrill Lynch in July 2019
Kenahan was discharged from Merrill Lynch in July 2019 due to allegations of unauthorized trading, unsuitable investment recommendations and excessive trading as reported on his FINRA Brokercheck report.
Broker Charles E. Kenahan was employed with Merrill Lynch from December 2007 until July 2019.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Concerned About Your Investment with Charles Kenahan? Securities Lawyers May Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating Charles Kenahan’s alleged refusal to provide requested documents and information and appear for on-the-record testimony in connection to FINRA’s investigation of his alleged sale practice violations.
The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a seasoned securities lawyer and adjunct professor of securities regulation has represented thousands of victimized investors in cases ranging from arbitrations to class actions.
Investors who are concerned about their investment with former Merrill Lynch broker Charles Kenahan are encouraged to contact Alan Rosca or his colleagues for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.