Did you lose money investing with William Kielczewski (a/k/a Bill Kielczewski) (CRD# 4034356)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with William Kielczewski (a/k/a Bill Kielczewski). If you suffered losses investing with William Kielczewski (a/k/a Bill Kielczewski), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of September 7, 2020, William Kielczewski (a/k/a Bill Kielczewski)’s FINRA BrokerCheck Report contains the following:
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 9/7/2020: According to FINRA’s August 2020 Disciplinary Actions: “William Joseph Kielczewski (CRD #4034356, Ottawa Hills, Ohio) June 8, 2020 – Kielczewski appealed an OHO decision to the NAC. Kielczewski was fined $50,000, suspended from association with any FINRA member in all capacities for 18 months, required to requalify by examination as a registered representative before again acting in that capacity, and as a condition to re-association with a member firm after his suspension, he shall only be employed by a member firm that agrees in writing to place him on heightened supervision for one year. The sanctions are based on findings that Kielczewski participated in private securities transactions without providing prior written notice to his member firm. The findings stated that Kielczewski solicited several of his customers to invest in a hedge fund he created with others. Kielczewski was a manager of the fund with the power to conduct, direct and exercise full control over its activities. Several of Kielczewski’s customers invested in the fund, with a total investment amount of over $10 million. The findings also stated that Kielczewski made false and misleading statements to his firm about his relationship and activities with the fund. Kielczewski represented to the firm that he was a passive owner and investor in the fund and had neither engaged in private securities transactions nor solicited customers for it. Contrary to his representations, Kielczewski’s fund-related activities constituted material, active measures to assist the fund’s business. These activities included, among other things, directly soliciting investors, helping the fund’s trader solicit investors, helping another individual solicit investors, engaging in private securities transactions, and reviewing and revising the fund’s pitch book and the quarterly manager’s report. The findings also included that Kielczewski willfully caused the firm to file a misleading initial Form U4 and Form U4 amendments related to the nature and extent of his relationship and activities with the fund.The sanctions are not in effect pending the review. (FINRA Case #2017054405401)
Current and Previous Registrations
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with William Kielczewski (a/k/a Bill Kielczewski) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.