Investors Accuse NEXT Financial Of Unsuitable REIT Recommendations
Charles Chester Kulch of Nashua New Hampshire a stockbroker currently employed by Next Financial Group Inc. is the subject of a customer initiated investment related written complaint on August 11, 2017 in which the customer requested $150,000.00 in damages based upon allegations that the customer was inappropriately advised by Kulch in regard to real estate securities held in the customer’s account given those real estate securities containing risk levels that exceeded the customer’s tolerance for risk.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Kulch is referenced in five more customer initiated investment related disputes pertaining to accusations of Kulch’s violative conduct while employed with Next Financial Group Inc. and Investors Capital Corp. Particularly, a customer initiated investment related arbitration claim regarding Kulch’s conduct was resolved for $525,000.00 in damages supported by allegations that the customer was placed in tenant-in-common investments that were not suitable for the customer given the risks and fees of the investments; misrepresentations had been made about risks pertaining to those tenant-in-common investments; fiduciary duties which were owed to the customer had been breached; transactions were placed in violation of New Hampshire Securities Act; and the customer had been defrauded. FINRA Arbitration No. 15-00762 (Apr. 13, 2016).
Moreover, a customer initiated investment related arbitration claim involving Kulch’s activities was settled for $150,000.00 in damages founded on accusations that while Kulch was associated with Next Financial Group, Kulch gave the customer bad investment recommendations concerning speculative, illiquid and high risk tenant-in-common interests and energy-sector private placement investments. FINRA Arbitration No. 15-00813 (May 17, 2016). Moreover, a customer initiated investment related complaint involving Kulch’s conduct was resolved for $120,000.00 in damages based upon allegations that the customer suffered poor performance on real estate security investments held in the customer’s account while Kulch was associated with Investors Capital Corp.
FINRA Public Disclosure confirms that Kulch has also been sanctioned by securities regulators on at least three occasions. For example, Kulch was fined $140,000.00 by New Hampshire Securities Division based upon findings that Kulch failed to supervise communications to prospective investors while registered with Next Financial Group Inc. Case No. 1-2014000010 (May 6, 2014).
Kulch has been employed by Next Financial Group Inc. since October 19, 2006.