Kevin Meadows, Formerly of IBN Financial Services, Named in Customer Dispute Alleging Unsuitable Recommendations

The dispute also accuses Meadows of excessive trading, breach of fiduciary duty, and failure to repay a loan.

The Sonn Law Group is investigating allegations that Kevin Meadows made unsuitable recommendations. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Kevin Meadows (CRD#: 2878889) was registered as a broker with IBN Financial Services from 2018 until 2020. Previously, Lombard was registered as a broker with Lombard Securities from January 2018 until February 2018.

Meadows has 10 disclosures on his BrokerCheck report.

April 2020 Customer Dispute

• Status: Pending
• Allegations: Claimants allege their financial adviser recommended investments that were unsuitable for them and failed to repay a loan. Claimants generally allege failure to supervise, excessive trading, breach of fiduciary duty, and unsuitability.
• Damage Amount Requested: $168,000.00

January 2020 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Meadows consented to the sanction and to the entry of findings that he excessively and unsuitably traded a senior customer’s accounts that resulted in a loss of approximately $39,671. The findings stated that Meadows controlled the trading in these accounts by recommending almost all of the trades. Meadows’ trading in the customer’s accounts was excessive and unsuitable given the customer’s financial circumstances and investment objectives.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities 
• Duration: three months
• Start Date: 2/18/2020
• End Date: 5/17/2020
• Sanctions: In light of Meadows financial status, no monetary sanction has been imposed.
• Broker Comment: RR has accepted and consented without admitting or denying the findings.

April 2018 Judgment / Lien

• Judgment / Lien Amount: $58,508.76
• Judgment / Lien Type: Tax
• Broker Comment: Lien was unknown until now.

August 2017 Judgment / Lien

• Judgment / Lien Amount: $208,613.40
• Judgment / Lien Type: Tax
• Broker Comment: I believe the tax lien filed is incorrect in the amount disclosed and currently am trying to resolve the matter.

Employment Separation After Allegations

• Firm Name: First Allied Securities, Inc.
• Termination Type: Permitted to Resign
• Allegations: During the course of review of trading activity, the firm determined that the registered representative’s approach involved active trading with which the firm was not comfortable.
• Broker Comment: First Allied stated: “Firm did not believe that registered representative’s investment methodology was consistent with its own.”

August 2012 Judgment / Lien

• Judgment / Lien Amount: $11,300.00
• Judgment / Lien Type: Tax
• Broker Comment: Tax lien was due to the submission of a revised 1099 by a previous employer with no notice of revision sent to me.

March 2006 Customer Dispute

• Status: Settled
• Allegations: Claimants alleges unauthorized trades and use of margin in accounts. Claimant requested a voluntary mediation without going through arbitration/litigation.
• Damage Amount Requested: $135,481.71
• Settlement Amount: $50,000.00
• Broker Comment: Complaint that was received 3/23/2004 closed no action on 12/06/2005. Client filed for mediation on 1/7/2008.

March 2006 Customer Dispute

• Status: Withdrawn
• Allegations: Client alleges that financial advisor “was stealing from mother.” Client inherited her mother’s account as a JTWROS after her mother’s death. Damages unspecified. 

• March 2006 Customer Dispute
• Status: Closed-No Action
• Allegations: Client alleges that in “going over the monthly statements I could see as many transactions as 16 in one month and that is called excessive or in another word ‘churning’ in your financial world . . .” and alleges that broker “mostly acted without my knowing what was going on until I received the monthly statements.” Time period: 2001-2003. Alleged damages: estimated to exceed $5,000.

January 1999 Customer Dispute

• Status: Settled
• Allegations: Alleged breach of fiduciary responsibility in giving advice on the purchase of Zapata stocks.
• Damage Amount Requested: $6,589.00
• Settlement Amount: $7,826.57
• Broker Comment: Mr. Meadows and J.C. Bradford deny any liability with respect to the transaction in question and agreed to the settlement of claims for the sole purpose of avoiding the time, expense and uncertainty of arbitration. The allegation is completely unjustified. Customer-who is not even my client- called in regarding stock. Asked for Zapata’s highs and lows which I gave him off the quote machine. The customer later came back and said that the stock never traded at the high. I simply quoted what my screen was displaying. Quotes are often quoted wrong in a fast market. Customer had 3 days to bust his trade and complain. He is a sophisticated investor and logged this complaint after consulting his broker who works in his office. I had no fiduciary responsibility to him at all!!!

Contact Us Today

The Sonn Law Group is currently investigating allegations that Kevin Meadows made unsuitable investments. 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.