Stephen Mark Kiront of Garden City New York a stockbroker formerly employed by Woodstock Financial Group Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested damages estimated at $100,000.00 founded on accusations including (1) negligent unjust enrichment (2) breach of contract (3) suitability (4) breach of fiduciary duty (5) excessive trading (5) unauthorized trading (6) churning and (7) fraud in reference to the over-the-counter equities held in the customer’s investment portfolio. FINRA Arbitration No. 17-02210 (Aug. 21, 2017).

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Kiront has been identified in twenty-five additional customer initiated investment related disputes containing allegations of his violative conduct while employed with Woodstock Financial Group, Monroe Parker Securities, Inc., Biltmore Securities, Inc. and Stratton Oakmont, Inc. Specifically, a customer initiated investment related arbitration claim concerning Kiront’s conduct was settled for $275,000.00 in damages supported by accusations that an unsuitable short-term trading strategy was implemented in the customer’s account; excessive fees were charged to the customer; the customer’s account had been mismanaged and over-concentrated in over-the-counter equities; and the customer suffered from high turnover and unwarranted margin use. FINRA Arbitration No. 15-00736 (Aug. 2, 2016).

Then, on July 6, 2015, a customer filed an investment related complaint regarding Kiront’s conduct in which the customer sought $55,000.00 in damages based upon allegations that the customer was misled by phony guarantees on investment performance; and was led to believe that over-the-counter equities transactions were not being purchased on margin. Thereafter, a customer initiated investment related arbitration claim involving Kiront’s activities was resolved for $15,500.00 in damages founded on accusations that Kiront was liable for failing to supervise activities in the customer’s account, effecting transactions in the customer’s account that were not suitable for the customer, and breaching fiduciary obligations to the customer. FINRA Arbitration No. 16-00087 (Aug. 4, 2016).

Subsequently, a customer initiated investment related arbitration claim regarding Kiront’s conduct was settled for $90,000.00 in damages supported by allegations that Kiront failed to supervise the customer’s over-the-counter equities transactions. FINRA Arbitration No. 16-00021 (July 25, 2017). Another customer initiated investment related arbitration claim concerning Kiront’s activities was resolved for $32,500.00 in damages based upon accusations of the lack of supervision in the customer’s account with regard to the customer’s equities holdings; unsuitable transactions having been executed in the customer’s account; excessive commissions being charged on investment transactions; Kiront’s failure to comply with his fiduciary obligations; and Kiront having defrauded the customer. FINRA Arbitration No. 15-02635 (Oct. 23, 2017).

Furthermore, a customer initiated investment related arbitration claim involving Kiront’s conduct was settled for $30,000.00 in damages founded on allegations of supervisory failures, unsuitability, and breach of fiduciary duties in regard to the customer’s stock and over-the-counter equities holdings. FINRA Arbitration No. 15-03356 (July 31, 2017).

Kiront’s registration with Woodstock Financial Group Inc. has been terminated as of March 31, 2015. As of March 19, 2015, Kiront has been the vice president of Craft Capital Management LLC. Kiront has also been associated with six different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.  #cockroach

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Guiliano Law Group

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