Former Wells Fargo Advisors Financial Network Broker Barred for Refusing to Appear for Testimony Regarding Sales Practice ComplaintsWednesday, June 3, 2020
On May 8, 2020, former general securities representative and principal Leonard (Lenny) Kinsman consented to a bar from associating with FINRA member firms in any capacity by refusing to appear for on-the-record testimony pursuant to FINRA Rules 8210 and 2010.
Kinsman was most recently associated with Wells Fargo Advisors Financial Network, LLC from June 2014 to July 2019 in Staten Island, New York. Prior to that, he was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, also located in Staten Island, from October 2011 to June 2014.
In April 2019, a customer filed a complaint that alleged Kinsman made unsuitable investment recommendations, committed forgery and falsified business records from 2012 through 2017. The dispute settled for $995,000.
In connection with his termination from Wells Fargo and sales practice complaints, FINRA staff sent a request to Kinsman for on-the-record testimony pursuant to FINRA Rule 8210. Through a phone call his counsel held with FINRA staff, Kinsman acknowledged that he received FINRA’s request and refused to appear for on-the-record testimony at any time. Thus, Kinsman violated FINRA Rules 8210 and 2010.
By signing the AWC, Leonard Kinsman consented to a bar from associating with any FINRA member firm in any capacity. FINRA Department of Enforcement approved the AWC on May 20, 2020.
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