Kyle George Corgan of Syosset New York a stockbroker formerly employed by Fidelity Brokerage Services is referenced in a customer initiated investment related written complaint on March 10, 2017 where the customer sought $35,000.00 in damages based upon allegations that Corgan neglected to explain the tax ramifications pertaining to managed account and equity product transactions.

That maybe is the dumbest thing I have ever heard certainly this week.  Unless they are also acting as your accountant, or making affirmative misrepresentations concerning taxability, brokers generally have no duty to provide tax advice.  Certainly, Fidelity is not a firm that provides its customers with tax advice.   When you sell a security or “realize” profits, you pay a tax.  If you don’t like it, don’t sell it, or run for office, and change the rules.  Estate tax aside, pass along your grandmother’s Berkshire Hathaway stock to your beneficiaries after your death.  (If that does not work, sue your broker).

However, the Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Corgan has been identified in three additional customer initiated investment related disputes pertaining to accusations of his wrongdoing during the time that he was registered with David Lerner Associates, Inc. and Fidelity Brokerage Services. Particularly, a customer initiated investment related arbitration claim concerning Corgan’s conduct was resolved for $30,000.00 in damages founded on allegations that Corgan breached his fiduciary obligations to the customer and effected unsuitable real estate investment trust transactions in the customer’s account. National Association of Securities Dealers (NASD) Arbitration No. 04-05240 (Sept. 23, 2005).

Thereafter, a customer filed an investment related arbitration claim regarding Corgan’s conduct in which the customer requested $250,000.00 in damages supported by accusations that misrepresentations had been made to the customer, and real estate security transactions had been effected in the customer’s account which were not appropriate for the customer. FINRA Arbitration No. 12-03183 (Sept. 10, 2012). Thereafter, a customer initiated investment related complaint regarding Corgan’s activities was settled for $4,000.00 in damages based upon allegations including misrepresentation and negligence concerning real estate security and corporate debt transactions placed in the customer’s account. FINRA Arbitration No. 14-02824 (July 24, 2016).

However, that is what Lerner is all about:  peddling their REITs.

Corgan’s registration with Fidelity Brokerage Services LLC was terminated on January 3, 2018.

Since then, he has been employed by Newbridge Securities Corporation.

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