David Kendrick – Financial Advisor/Broker David Kendrick Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
David Kendrick was a previously licensed financial advisor with NYLife Securities LLC. According to David Kendrick’s CRD, David Kendrick was suspended from the securities industry for 18 months and fined $30,000 in November 2019.
According to FINRA Allegations:
David Kendrick consented to the sanctions and to the entry of findings that David Kendrick engaged in an outside business activity, as an officer, member, and manager of an investment club, without providing prior written notice to his member firm. The findings stated that Kendrick was aware of the firm’s written supervisory procedures (WSPs) with respect to outside business activities, as he had previously disclosed several of his outside business activities to the firm. Kendrick and other individuals (including his firm customers) formed the investment club. Kendrick executed the club’s operating agreement, which vested him with the exclusive authority to manage and control the affairs of the club. Kendrick also received an irrevocable power of attorney. Kendrick equally organized and conducted club-related meetings at his firm branch office. Kendrick made false statements to the firm on annual compliance questionnaires and branch audit questionnaires concerning his outside business activities.
The findings also stated that David Kendrick participated in private securities transactions, without providing prior written notice to or receiving written approval from his firm. David Kendrick and other individuals (including his firm customers) also used another investment vehicle to facilitate one of the investments. Through the investment club and the other investment vehicle, David Kendrick solicited, recommended and facilitated investments totaling $290,000 in private placements, including investments made by his firm customers who were members of the investment club and the investment vehicle. David Kendrick personally invested a total of $106,297 in different private placements. Each of the investments was securities for which Kendrick and the other investors received equity interest in the form of membership units, shares and/or warrants. The firm conducted a review of David Kendrick’s business and identified his continued activities on behalf of the investment club and the investment vehicle. The firm as part of its investigation interviewed David Kendrick. David Kendrick told firm personnel that he was a passive investor in the club and did not own any investments through the club, even though he had managed its activities and personally invested in private placements through it. Kendrick told firm personnel that he did not form the other investment vehicle or solicit investors in it, even though that was not true. Kendrick did not disclose all of his personal investments away from the firm and made false statements to the firm on annual compliance questionnaires and branch audit questionnaires concerning his private securities transactions.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with David Kendrick and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning David Kendrick’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with David Kendrick and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 12/10/2019 directly from FINRA BrokerCheck, without any changes. Use of BrokerCheck data is subject to BrokerCheck’s Terms of Use. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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