Previously registered broker and investment adviser Kirk Gill is the subject of various customer dispute disclosures instituted against him on the allegation of the investment adviser recommending unsuitable investments to the investors according to investigation by attorney Alan Rosca.
Securities attorney Alan Rosca of the Rosca Scarlato LLC law firm, is investigating conduct related to the customer dispute disclosures involving the investment adviser and former broker Kirk Gill, on the allegation of unsuitable investment recommendation.
Kirk J Gill was in the employment of Morgan Stanley & Co in Tucson, Arizona, when the alleged conducts related to the customer disputes were carried ou. The previously registered broker was registered with First Financial Equity Corporation between March 2016 and June 2018. Starting June 2018 Gill joined Taylor Capital Management where he operated until end of August 2019.
In June 2018, Kirk Gill joined Triumph Wealth Advisors, a registered investment adviser firm in Tucson, Arizona, and as of the date of this article Gill is still registered with the firm.
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Kirk Gill Resigned While on Heightened Supervision
Kirk Gill was permitted to resign from his employer, First Financial Equity Corporation, in 2018 on the reason of his failure to agree to the stipulations in his updated heightened supervision plans. The firm filed Form U-5 against him which alleged that Kirk J Gill was allowed to resign from the brokerage firm on the account of his failure to agree to the heightened supervision plans.
Generally speaking, it is the duty of every brokerage firm to adequately supervise the activities of their brokers adequately. Heightened supervision is the supervision a brokerage firm is expected to implement on a broker who they employ who has a history of industry regulatory incidents.
Where the firm is trying to hire a person, who has a recent history of customer disputes and other disciplinary actions involving sales practice abuse and other customer harmful practice, the firm is typically expected to determine whether they need to implement a special supervisory procedure or determine whether their current method will suffice.
This procedure was implemented by FINRA to ensure the protection of investors in the financial markets. All these are general considerations, not necessarily applicable to any one case, and do not constitute legal advice. Investors looking for legal advice for their particular situation should contact a qualified lawyer and discuss about the facts applicable to their specific case.
Kirk J Gill Was the Subject of Multiple Customer Dispute Disclosures
The securities attorneys at Rosca Scarlato reveal in their investigation of public records that as of the date of this article the investment adviser has been subject to more than a dozen customer dispute disclosures reported as settled and filed between the period of July 2002 and September 2020 as reported on his FINRA Brokercheck page.
In September 2020 a customer filed a dispute alleging unsuitable investments in energy securities while Kirk Gill was registered with Morgan Stanley. The customer requested $238,316 in alleged damages, and in February 2021 Morgan Stanley agreed to pay $125,000 to settle the dispute.
Another dispute filed in March 2019, requested $500,000 alleged damages in connection to unsuitable investments while Gill was registered with Morgan Stanley. In August 2020 this dispute was settled for $130,000.
In January 2019, a customer filed a dispute on the allegation of unsuitable energy stocks from 2011 to 2016. The dispute was settled with Morgan Stanley for $14,999 in February 2020.
Another dispute was filed in May 2018 on similar allegations and settled for $38,265. The client allegedly verbally complained about an over concentration in oil stocks in their investments from January 2014 to January 2018.
Another client seeking $901,369 in damages alleged that the investment recommended between 2009 and 2016 were unsuitable. The dispute initiated in March 2018 was settled in November 2018 for $185,000.
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Requesting $2,000,000 in alleged damages, a customer filed a dispute alleging unsuitable recommendations while Kirk Gill was with Morgan Stanley. This dispute was settled in April 2018 for $275,000.
Another dispute filed on similar allegations in February 2017, requested $500,000 in damages and settled for $150,000 almost one year later.
In addition to the disputes mentioned above, over $400,000 was paid in combined settlements in six other customer disputes involving Kirk J Gill.
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.
Securities Lawyer Investigating Potential Options on Behalf of Gill Investors
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to Kirk J Gill’s customer dispute disclosures on the allegation of unsuitable investment recommendation.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of conducts related to Kirk Gill’s customer dispute disclosures on the allegation of unsuitable investment recommendation, may contact attorney Alan Rosca 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.