Mutual Securities Sued For Breach Of Fiduciary Duty
Jacob Ray Kagele of Tuscon Arizona a stockbroker and investment adviser representative formerly registered with Mutual Securities Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $57,825.00 in damages based upon accusations that Kagele (1) executed exchange traded fund transactions in the customer’s account that were not suitable for the customer (2) mismanaged the customer’s investment account (3) breach his fiduciary obligations to the customer and (4) misrepresented the terms and conditions of the customer’s investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02857 (Dec. 26, 2017).
FINRA Public Disclosure additionally reveals that a customer initiated investment related arbitration claim concerning Kagele’s activities was settled for $1,250,000.00 in damages founded on allegations that between 2012 and 2016, while Kagele was managing partner and investment adviser representative of NOVA Financial, LLC, he: selected an investment strategy for the customer that was inappropriate given the customer’s objectives for investing and tolerance for risk; mishandled the customer’s investment account; breached a fiduciary duty to the customer; misled the customer; and made misrepresentations relating to the customer’s investments accounts. FINRA Arbitration No. 16-02136 (June 15, 2017).
Kagele’s registration with Mutual Securities, Inc. has been terminated on November 7, 2017.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com