FINRA Bars Cetera Broker In Investigation
Kenneth Joseph Kolquist of Duluth Minnesota a stockbroker formerly employed by Cetera Advisor Networks LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Kolquist failed to provide FINRA with information that was requested of him. Case No. 2015047359901 (Aug. 1, 2016).
According to FINRA Public Disclosure, Kolquist was issued a Notice of Suspension letter dated April 27, 2016 and a Suspension from Association letter dated May 23, 2016. Apparently, in order for Kolquist’s suspension to go away, he was required to cooperate with FINRA’s suspension termination procedure by July 31, 2017. Since Kolquist failed to cooperate with FINRA by the deadline, he was automatically barred in all capacities. Evidently, Kolquist appealed FINRA’s decision to Securities Exchange Commission (SEC) on August 1, 2017. However, Kolquist’s application for review had been denied by SEC on December 1, 2017.
FINRA Public Disclosure confirms that Kolquist is referenced in three customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with Cetera Advisor Networks. In particular, on October 12, 2015, a customer filed an investment related complaint concerning Kolquist’s conduct in which the customer requested $11,500.00 in damages based upon allegations that Kolquist failed to execute the customer’s retirement account transfer, causing the customer to incur losses.
Then, on July 7, 2016, a customer initiated investment related complaint regarding Kolquist’s activities was settled to resolve accusations that Kolquist failed to timely submit paperwork in regard to the customer’s account transactions. On May 23, 2016, another customer initiated investment related complaint involving Kolquist’s conduct was settled for $35,000.00 in damages supported by allegations including violation of Minnesota securities laws; fraudulent omissions of investment related information; breach of fiduciary duty; negligence; and securities fraud in connection with the customer’s investment account transactions.
Cetera Advisor Networks discharged Kolquist on October 21, 2015 founded on accusations of Kolquist’s failure to make the firm aware of his customer complaints; failure to submit customers’ funds to the appropriate party so that transactions could be processed; and failure to make required regulatory disclosures.