Todd Kimm – Todd S Kimm, Financial Advisor Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Todd Kimm CRD #2800913
Todd Kimm was formerly licensed with Commonwealth Financial Network. FINRA reports that Todd Kimm was suspended from the securities industry for six months in January 2018.
According to FINRA: Todd Kimm consented to the sanctions and to the entry of findings that he recommended over 100 unsuitable short-term trades of long-term investment products and eight unsuitable mutual fund switches in a customer’s account. The findings stated that specifically, on numerous occasions, Todd Kimm recommended that the customer sell municipal bonds shortly after buying them. All of the municipal bonds in question were income-producing products intended for customers with long-term investment time horizons and carried substantial commissions. In addition, on numerous occasions, Todd Kimm engaged in unsuitable short-term trading in the customer’s account with respect to closed-end funds and mutual funds. Of the trades at issue, many were income-producing closed-end municipal bond funds intended for customers with long-term investment time horizons. Other trades involved Class A mutual fund shares which are intended to be held long-term because they are front-loaded. Despite the long-term attributes of municipal bonds, closed-end funds and Class A mutual fund shares, Todd Kimm recommended the purchase and subsequent sale of these products within a year of purchase-nearly all of the short-term trades at issue involved holding periods of 90 days or less. Kimm had no reasonable basis to believe that such short-term trading was suitable for any customer, particularly in light of the nature of the recommended transactions, the short holding periods and the transaction costs incurred. Todd Kimm’s unsuitable trading also involved “switching,” i.e., where Todd Kimm used the proceeds from the sale of Class A mutual fund shares to purchase other Class A mutual funds shares. Specifically, on at least eight occasions, Todd Kimm recommended the sale of a mutual fund to purchase another mutual fund with identical or fundamentally similar investment objectives and underlying assets. As a result of Todd Kimm’s unsuitable trading, the customer’s account incurred realized losses of approximately $200,000. The findings also stated that Todd Kimm effected dozens of discretionary transactions, including municipal securities transactions, in the customer’s account without prior written authorization from the customer and without having the account approved as discretionary by his member firm.
If you lost money on investments with Todd Kimm 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 Todd Kimm’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 Todd Kimm 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.
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