South Florida Arbitration & Litigation Lawyer Blog
FINRA Promissory Note and Theft Arbitration Attorney, Russell L. Forkey, Esq.
July, 2011:
Thomas Michael Kinser (CRD #1435579, Registered Representative, Southlake, Texas) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Kinser converted approximately $330,000 in customer’s funds. The findings stated that Kinser called the mutual fund company through which he had invested customer’s funds to change the address on the account from the customer’s residential address to Kinser’s office address. The findings also stated that at Kinser’s request, the mutual fund company sent redemption checks drawn on the customer’s account to Kinser without the customer’s knowledge, consent or authorization, and Kinser forged the customer’s signature on the checks, endorsed them to make them payable to him and deposited the funds in his own account. The findings also included that to conceal the conversions, Kinser fabricated account summaries and documents, including charts and statements purporting to reflect the customer’s account balance, which he presented to the customer in periodic meetings, misleading the customer into believing all of his money was still invested in mutual funds and was still earning interest. FINRA found that Kinser failed to respond to FINRA requests for information and documents. (FINRA Case #2009017466201).