Mark Ketner, formerly of Maxim Group, Suspended Two Months from Securities Industry
Have you lost money with financial advisor Mark Ketner of Woodbury, New York? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Mark J. Ketner. FINRA suspended Ketner from the securities industry for two months, fined him $5,000, and ordered over $1,000 in restitution after he was alleged to have engaged in short-term trading of Unit Investment Trusts (or UITs) in 14 customer accounts.
UITs are not designed for short-term trading because of their commissions and costs of trading. Between August 2015 and January 2017, Mark Ketner recommended on numerous occasions that his customers sell their UITs and then purchase new, different UITs. FINRA alleged this to be unsuitable in view of the frequency and costs of trading, which can be as high as 3.95%. FINRA further alleged that his customers’ average holding period for UITs was only 195 days.
Mark Ketner is a financial advisor and registered representative of Maxim Group from 2002 to the present. He worked at branch offices in Woodbury, New York. Ketner has been the subject of at least seven customer complaints, and he has also been the subject of five tax liens.
Brokerage firms like Maxim Group have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michgan; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Ketner, Mark FINRA AWC
Click to view: Ketner, Mark BrokerCheck 3.28.18
If you lost money with Mark Ketner or Maxim Group, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.