William Thomas Kirke – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with William Thomas Kirke.
The stock market is a device for transferring money from the impatient to the patient… Warren Buffet
BrokerComplaints.com is currently investigating allegations related to William Thomas Kirke. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About William Kirke
William Thomas Kirke is an Investment Adviser. William Thomas Kirke’s Central Registration Depository (CRD) number is 270666 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/270666.
Click here to download a Detailed Audit Report for William Thomas Kirke.
William Thomas Kirke has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of William Thomas Kirke’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 8/8/2011
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: CLIENT ALLEGES THE INVESTMENT WAS UNSUITABLE AND MISREPRESENTED BY THE SELLING REPRESENTATIVE. CLIENT ALSO ALLEGES THE FIRM FAILED TO SUPERVISE AND FAILED TO CONDUCT ADEQUATE DUE DILIGENCE OF THE INVESTMENT.
- Damage Amount Requested: $240,000.00
- Settlement Amount: $80,000.00
- Arbitration Docket Number: 11-02941
- Broker Comment: THE FIRM, SOLELY TO COMPROMISE AND SETTLE DISPUTED CLAIMS, AGREED TO SETTLE AN ARBITRATION WITH THE CLAIMANT.
DISCLOSURE 2 –
- Event Date: 11/12/2010
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Closed-No Action
- Disclosure Detail :: Allegations: CLIENT IS UPSET OVER THE POOR PERFORMANCE AND DECREASE IN DISTRIBUTION PAYMENTS OF HER REIT INVESTMENTS.
- Damage Amount Requested: $110,000.00
- Arbitration Docket Number:
DISCLOSURE 3 –
- Event Date: 1/14/2005
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: THE CLIENT ALLEGES THAT SHE HAS INCURRRED A TAX LIABILITY FOR THE TRANSFER OF HER IRA ACCOUNT DUE TO AN ERROR MADE BY THE REPRESENTATIVE
- Damage Amount Requested: $55,000.00
- Settlement Amount: $27,500.00
- Arbitration Claim File Detail: 06-01867
- Broker Comment: BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. HAS REACHED A SETTLEMENT AGREEMENT WITH THE CLAIMANT [CUSTOMER AND HER COUNSEL. THE SETTLEMENT AMOUNT IS 27,500.00.
DISCLOSURE 4 –
- Event Date: 11/21/1995
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: UNSUITABLE INVESTMENTS, VIOLATION OF SECURITIES & EXCHANGE ACT OF 1934 AND THE SECURITIES ACT OF IOWA, BREACH OF FIDUCIARY RELATIONSHIP, MISREPRESENTATION & NEGLEGENCE.
- Damage Amount Requested: $500,000.00
- Settlement Amount: $10,000.00
- Arbitration Claim File Detail: 95-05158
- Arbitration Docket Number:
DISCLOSURE 5 –
- Event Date: 7/29/1994
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: ALLEGES THAT PRIOR TO DEATH, CLIENT WAS PLACED IN UNSUITABLE LIMITED PARTNERSHIP INVESTMENTS.
- Settlement Amount: $100,000.00
- Broker Comment: PENDING Not Provided
DISCLOSURE 6 –
- Event Date: 7/29/1994
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: MISREPRESENTATION WITH RESPECT TO LPS.
- Settlement Amount: $100,000.00
- Broker Comment: CASE SETTLED FOR BUSINESS REASONS IN THE AMOUNT OF $100,000.00. FC DID NOT CONTRIBUTE TO THE SETTLEMENT.
DISCLOSURE 7 –
- Event Date: 12/1/1992
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: MISREPRESENTATION BREACH OF FIDUCIARY DATA, SUITABILITY REGARDING LIMITED PARTNERSHIP
- Damage Amount Requested: $234,500.00
- Settlement Amount: $45,950.00
- Arbitration Claim File Detail: 1992-002778
- Broker Comment: SHEARSON SETTLED THE MATTER FOR $45,950. Not Provided
DISCLOSURE 8 –
- Event Date: 6/24/1992
- Disclosure Type: Employment Separation After Allegations
- Disclosure Resolution:
- Disclosure Detail :: Firm Name: PAINE WEBBER & CO.
- Termination Type: Permitted to Resign
- Allegations: Not Provided I HAD CORRESPONDENCE FAX TO A CLIENT OUTSIDE OF THE OFFICE.
- Broker Comment: NONE THE LETTER ONLY CONTAINED AN ACKNOWLEDGEMENT OF A CONFERENCE CALL THAT I WAS A PARTICIPANT. IN MY OPINION THERE WAS NOTHING OF ANY CONSEQUENCE OF THE CONTENTS OF THE LETTER.
DISCLOSURE 9 –
- Event Date: 8/6/1981
- Disclosure Type: Employment Separation After Allegations
- Disclosure Resolution:
- Disclosure Detail :: Firm Name: BACHE HALSEY STUART SHIELDS
- Termination Type: Discharged
- Allegations: NONE IT WAS ALLEGED BY THE IOWA COMMISSIONER OF INSURANCE THAT MR. KIRKE DID NOT INQUIRE AS TO THE NET WORTH, GROSS ANNUAL INCOME, INVESTMENT DESIRES OR NEEDS OF A CLIENT PRIOR TO RECOMMENDING A PARTICULAR INVESTMENT AND THAT KIRK THEREFORE COMMITTED AN UNETHICAL BUSINESS PRACTICE IN RECOMMENDING AND SELLING A SECURITY TO A CUSTOMER WITHOUT REASONABLE GROUNDS TO BELIEVE THE RECOMMENDATION WAS SUITABLE FOR THE CUSTOMER.
- Broker Comment: MR. KIRKE SIGNED A CONSENT TO ORDER WITHOUT ADMITTING TO DENYING THE VERACITY OF THE ALLEGATION. THE CLIENT MR. JOSEPH DOLLAR, PURCHASED 10 UNITS OF AMERICAN PROPERTY INVESTORS X AT $500 PER UNIT. CONVERSATION WITH MR. DOLLAR LED MR. KIRKE TO BELIEVE IT WAS A SUITABLE INVESTMENT. THE CLIENT HOWEVER, SUBSEQUENTLY FILED A COMPLAINT WITH THE STATE. THE STATE BEGAN AN INVESTIGATION. ONE WEEK AFTER THE CLIENT MADE THE COMPLAINT, HE WITHDREW IT. THE STATE ISSUED THE ORDER. THE CLIENT’S POSITION WAS LIQUIDATED. NO FINE WAS ASSESSED BY THE STATE.
DISCLOSURE 10 –
- Event Date: 1/9/1981
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: IOWA
- Resolution: Consent
- Sanction Details :: Sanctions: Cease and Desist/Injunction
- Broker Comment: THE CLIENT MR. JOSEPH DOLLAR, PURCHASED 10 UNITS OF AMERICAN PROPERTY INVESTORS X AT $500 PER UNIT. CONVERSATION WITH MR. DOLLAR LED MR. KIRKE TO BELIEVE IT WAS A SUITABLE INVESTMENT. THE CLIENT HOWEVER, SUBSEQUENTLY FILED A COMPLAINT WITH THE STATE. THE STATE BEGAN AN INVESTIGATION. ONE WEEK AFTER THE CLIENT MADE THE COMPLAINT, HE WITHDREW IT. THE STATE ISSUED THE ORDER. THE CLIENT’S POSITION WAS LIQUIDATED. NO FINE WAS ASSESSED BY THE STATE.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Previous Associations
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. (CRD#: 13609) :: 1/11/1993 – 6/7/2017 :: SCOTTSDALE, AZ
- PAINEWEBBER INCORPORATED (CRD#: 8174) :: 10/30/1989 – 6/22/1992 :: WEEHAWKEN, NJ
- SHEARSON LEHMAN HUTTON INC. (CRD#: 7506) :: 3/7/1988 – 10/12/1989 :: NEW YORK, NY
- E. F. HUTTON & COMPANY INC (CRD#: 235) :: 8/10/1981 – 3/7/1988
- BACHE HALSEY STUART SHIELDS INCORPORATED (CRD#: 7471) :: 11/3/1978 – 9/12/1981
- PIPER, JAFFRAY & HOPWOOD INCORPORATED (CRD#: 665) :: 2/22/1978 – 9/22/1978
- LOEWI & CO., INCORPORATED (CRD#: 526) :: 4/9/1975 – 2/27/1978
- DEAN WITTER & CO. INCORPORATED (CRD#: 6466) :: 4/11/1969 – 6/9/1975
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including William Thomas Kirke, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report William Kirke
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
William Thomas Kirke – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (270666) for the broker – William Thomas Kirke
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.