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Investigations

Kirk Gill Investigation Into Unsuitable Investment Recommendations Allegations

Kirk Gill Investigation Into Unsuitable Investment Recommendations AllegationsKirk Gill, a previously registered broker and now investment adviser was the subject of customer disputes initiated against him on the allegation that Gill recommended unsuitable investments to the clients according to the Kirk Gill investigation by Alan Rosca.

Securities lawyer Alan Rosca of the Goldman Scarlato & Penny PC law firm, is investigating conduct related to customer disputes against the previous broker, Kirk J Gill, on the allegation of unsuitable investment recommendation.

Kirk J Gill was last in the employment of Taylor Capital Management Inc. until August 2019. Previously, Gill was in the employment of Morgan Stanley & Co and he was with this firm when he allegedly carried out the conducts related to the customer disputes. As of the date of this article, Kirk Gill investigation shows him registered with Triumph Wealth Advisors, in Tucson, Arizona.

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    Kirk Gill Was the Subject of Customer Disputes

    The Kirk Gill investigation into publicly available records by the Goldman Scarlato & Penny securities lawyers reveals that the investment adviser was the subject of a pending customer dispute, having settled 14 customer disputes filed during the period of 2002 and 2020 as reported on his FINRA Brokercheck page.

    In September 2020, Kirk Gill settled a customer dispute on the allegation of the investment adviser recommending unsuitable investments from 2013 to 2016. The client was seeking to recover $238,316 but the dispute was settled for $125,000. In March 2019, Kirk Gill settled another customer dispute on the same allegation from 2013 to 2016. The client was seeking to recover $500,000 but the dispute was settled for $130,000.

    In January 2019, Kirk Gill settled a customer dispute on the allegation of the investment adviser recommending unsuitable energy stocks from 2011 to 2016 for $14,999. He settled another allegation in May 2018 on similar allegations for $38,265.71. The client allegedly verbally complained about an over concentration in oil stocks in their investments from January 2014 to January 2018.

    Another customer dispute seeking $901,369.78 in damages alleged that the investment recommended unsuitable investments between 2009 and 2016. The dispute initiated in March 2018 was settled for $185,000.

    In another customer dispute initiated in August 2017 on similar allegations, the client sought to recover $2,000,000 in damages but the dispute was eventually settled for $275,000.

    Kirk Gill Resigned Due to Heightened Supervision

    Kirk Gill was permitted to resign from his employer in 2018 on the reason of his failure to agree to the stipulations in his updated heightened supervision plans. First Financial Equity Corporation filed Form U-5 which alleged that the investment adviser was allowed to resign from the brokerage firm on his failure to agree to the heightened supervision plans.

    Generally speaking, heightened supervision is the supervision a brokerage firm is typically expected to implement on a broker in its employment, who has a history of industry regulatory incidents. Ordinarily, every firm is obligated to adequately supervise the activities of their brokers and monitor such adequately. Where the firm is trying to hire a person who has a recent history of customer disputes and other disciplinary actions involving sales practice abuse and other customer harmful practice, the firm is expected to determine whether they need to implement a special supervisory procedure or determine whether their current method will suffice.

    This is to ensure the broker does not carry out similar activities and the customers and investors are protected. This procedure is espoused in FINRA Regulatory Notice 18-15 which reiterates the supervisory role of the brokerage firms over their brokers and associates contained in FINRA Rule 3110.  All these are general considerations, not necessarily applicable to any one case, and do not constitute legal advice.  Investors looking for legal advice for their particular situation should contact a qualified lawyer and discuss about the facts applicable to their specific case.

    Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

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      Securities Lawyer Investigating

      The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to Kirk Gill’s customer disputes on the allegation of unsuitable investment recommendation.

      The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

      Investors who believe they lost money as a result of conducts related to Kirk Gill’s customer disputes on the allegation of unsuitable investment recommendation, may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

      In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing. Visitors may check the most recent version of each brokercheck report at www.finra.org.

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