Charles Kenahan was fired by Merrill Lynch in July 2019. Kenahan, who previously worked in the Boston, Massachusetts office, was terminated regarding allegations that he churned his customers’ accounts as well as making unsuitable investments for his customers. Merrill recently settled his claims for 40 million. 

According to FINRA broker check, Kenahan has been the subject of 4 customer complaints, all of which were filed within the last two years.

FINRA Rule 2111 and its predecessor, NASD Rule 2310, require brokerage firms and their brokers to have a reasonable basis to believe that a recommended securities transaction is suitable in light of the customer’s investment profile. Recommended securities transactions may be unsuitable if, when taken together, they are excessive, the level of trading is inconsistent with the customer’s investment profile, and the registered representative exercises control over the customer’s account. No single test defines when trading is excessive, but factors such as the turnover rate and the cost-to-equity ratio are considered in determining whether a member firm or associated person has violated FINRA’s suitability rule.

If you believe your brokerage account has been excessively traded or that unsuitable investments have been sold to you, you may have a claim for damages. Call us today for a free consultation. Former Wall Street Attorney Melanie S. Cherdack represents investors in the United States and the Caribbean in claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-768-2499 or complete our contact form for a free consultation.