Principal Securities Sued For Breach Of Fiduciary Duty

Scott Alan Kimmel of Fort Worth Texas a stockbroker currently employed by Principal Securities Inc. is the subject of a customer initiated investment related arbitration claim where the customer alleged that Kimmel breached a fiduciary duty owed to the customer in reference to an employer stock options plan investment allocation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02868 (Aug. 28, 2018).

The customers have requested that $524,398.23 be conveyed to them, and that exemplary damages, interest, attorney’s fees, and other legal relief be provided as a result of Kimmel’s activities.

FINRA Public Disclosure confirms that Kimmel has been identified in two more customer initiated investment related disputes pertaining to allegations of Kimmel’s misconduct during the time that he was associated with Principal Securities. Specifically, on September 20, 2003, a customer filed an investment related complaint regarding Kimmel’s conduct in which the customer requested more than $5,000.00 in damages based upon accusations that omissions had been made to the customer concerning the surrender charges on a variable annuity assessed to the customer upon liquidating sums from the annuity.

Thereafter, a customer filed an investment related civil action involving Kimmel’s activities in the District Court for the State of Texas where the customer sought unspecified damages supported by allegations that Kimmel came into possession of the customer’s funds without the customer’s permission. Civil Action No. 292,211-B (June 15, 2017).

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