FINRA Permanently Bars Former American General and AXA Rep
A Southlake, Texas registered representative, Thomas Michael Kinser, has been barred from the securities industry in any capacity, according to FINRA Case# 2009017466201. Kinser was employed by American General Securities Incorporated and AXA Advisors when the activity occurred that resulted in his being banished from the industry by the Financial Industry Regulatory Authority (FINRA). Kinser failed to respond to requests for information and documents from FINRA>
His permanent bar from the industry took effect on May 16, 2011. The decision was based upon findings that Mr. Kinser misappropriated roughly $330,000 from his customer by calling the mutual fund company where he had invested the customer’s money to change the address on the account from the customer’s home address to Kinser’s office address. Then when the company sent redemption checks drawn on the customer’s account directly to Kinser’s office, he forged the customer’s signature on the checks, endorsed them to be payable to him and deposited the funds into his own personal account. The FINRA investigation also revealed that Kinser created fake account statements and documents, including charts and account summaries purporting to reflect the customer’s account balance. These were presented to customers at periodic meetings, misleading the customer into believing that all of his money was still invested in mutual funds and earning interest.