Stephen A. Kohn & Associates: 3 Regulatory Complaints
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 17, 2019 indicate that Colorado-based brokerage and advisory firm Stephen A. Kohn & Associates has received regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Stephen A. Kohn & Associates (CRD# 41067).
Established in South Carolina in 2005, Stephen A. Kohn & Associates is headquartered in Lakewood, Colorado and registered with 40 US states and territories. Organized as a corporation, the firm’s fiscal year ends in March. The firm conducts 14 types of business, including: Broker or dealer retailing corporate equity securities over-the-counter; broker or dealer selling corporate debt securities; mutual fund retailer; US government securities dealer and broker; municipal securities dealer and broker; broker or dealer selling variable life insurance or annuities; investment advisory services; and private placements of securities. According to its BrokerCheck report, Stephen A. Kohn & Associates has received three regulatory sanctions.
In 2012 FINRA sanctioned Stephen A. Kohn & Associates in connection to allegations its President and Chief Compliance Officer performed “what was purported to be a test of the firm’s anti-money laundering (AML compliance procedures” which they attested were in compliance with regulatory requirements, but the CCO’s “self-test” was in fact in contravention of firm AML procedures requiring the completion of an annual test by an external consulting company. According to FINRA’s findings, the test was both not independent and inadequate by virtue of not being in compliance with FINRA rules, and “the CCO did nothing more than review the AML procedures and deem them reasonably designed to achieve compliance.” FINRA states additionally that the firm’s CCO did not attempt to determine whether firm employees implemented relevant procedures, nor review “client account documentation, securities transactions, money movements or other business-related activity to determine whether the AML procedures as implemented resulted in compliance.” In connection with these findings, the firm was censured and issued a fine of $15,000.
In 2006 the National Association of Securities Dealers sanctioned the firm in connection to allegations it failed to implemented a written anti-money laundering program that was effectively designed to ensure compliance with relevant requirements of the Bank Secrecy Act and associated regulations. The NASD’s findings stated additionally that “a number of the firm’s registered persons required to participate in the firm element continuing education” did not participate in such. In connection with these findings, the firm was censured and issued a fine of $8,000.
In 1998 the National Association of Securities Dealers sanctioned the firm in connection to allegations it conducted securities business while it was failing to maintain its minimum net capital in compliance with Securities and Exchange Commission rules. In connection with these findings, the firm was censured and issued a fine of $1,000.
If you or someone you know has a complaint regarding Stephen A. Kohn & Associates, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.