Kenneth Statly

On March 17, 2015 Kenneth Statly a broker with State Farm VP Management Corp of Grand Ledge, Michigan was barred from the securities industry by FINRA. Statly consented to the issuance of findings that he fabricated insurance claims for two customers in order to offset those customers’ insurance premiums. According to the findings, which Kenneth Statly neither admitted nor denied, Statly fabricated insurance claims, without the customers’ knowledge, and then issued the customers checks which he told the customers were reimbursements.

Kenneth Statly had been licensed with State Farm since 1998, and prior to his permanent bar from the securities industry, had not been the subject of any customer complaints.

Kenneth Statly’s registration and disciplinary history

Kenneth Statly was registered with the following firms

According to FINRA’s CRD disclosure report, Kenneth Statly has been the subject of one regulatory investigation.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years. Recoveries for clients top $40 million. The types of claims we have successfully handled include those involving unsuitable investments (suitability claims), excessive trading or “churning”, misrepresentations and omissions, unauthorized trading, over-concentration of illiquid or overly risky investments, pump and dump scams involving “penny stocks”, direct participation programs (private placements) involving real estate investment trusts (REITS), oil and gas exploration programs, leasing equipment deals and receivable financing, promissory notes whether sold through a broker dealer or as part of the outside business activities of a registered representative, ponzi scheme losses, failure on the part of the broker dealer to perform due diligence, state securities law (blue sky) violations and failure to supervise.

Investment losses can be recovered through a process known as FINRA arbitration. FINRA regulates broker dealers that sell investments, and provides an arbitration forum to resolve investor disputes. Investors can pursue claims against their brokerage firms in the FINRA arbitration forum. Common claims in the forum are those for suitability, breach of fiduciary duty, misrepresentations and omissions, negligence, violation of FINRA rules, state and federal securities laws violations, elder abuse, breach of contract and failure to supervise. On average, the recovery process takes approximately a year, from start to finish.

FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).

If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation