INVESTORS: Stifel, Nicolaus & Company broker Joel Paul Kichline was fined $5,000 by FINRA following allegations that he exercised discretion on 1,519 occasions in five customers’ accounts.
Joel Paul Kichline (CRD#: 1416219) is registered as a broker and investment adviser with Stifel, Nicolaus & Company, where he’s been employed since 2020. Previously, Kichline was registered as a broker and investment adviser with Raymond James & Associates from 2009 until 2020.
Kichline has three disclosures on his BrokerCheck report. One customer dispute filed against Kichline was closed with no action taken.
January 2022 Regulatory Judgment
Initiated By: FINRA
Allegations: Without admitting or denying the findings, Kichline consented to the sanctions and to the entry of findings that he exercised discretion on 1,519 occasions in five customers’ accounts. The findings stated that although the customers gave Kichline oral discretion to purchase or sell securities, none of the customers provided prior written authorization for him to exercise discretion in their account. Additionally, Kichline’s former firm did not accept any of the customer accounts as discretionary account.
Resolution: Acceptance, Waiver & Consent (AWC)
Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
Registration Capacities Affected: All Capacities
Duration: One month
Start Date: 2/7/2022
End Date: 3/6/2022
July 2020 Employment Separation After Allegations
Firm Name: Raymond James & Associates, Inc.
Termination Type: Discharged
Allegations: FA violated firm policy by exercising discretion without authorization from certain clients prior to placing trades in those clients’ non-discretionary accounts, and by exceeding time and price discretion authority with regard to other clients.
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The Sonn Law Group is currently investigating allegations surrounding Joel Paul Kichline. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.