The New Hampshire Bureau of Securities Regulation ordered Merrill to pay a fine of $1.75 million and costs of $250,000 over its alleged failure to supervise Charles Kenahan, who churned stocks and initial public offerings, overcharged commissions, traded without authorization, inappropriately traded inverse and leveraged products and mismarked trade confirmations, the regulator claims. The bureau also barred Kenahan from operating in the securities business in the state.
Kenahan, who had been in the financial services industry since 1985, has not registered with another firm since his discharge from Merrill, according to his BrokerCheck record.
Jeffrey Newman represents whistleblowers, including securities related whistleblowers nation wide. He can be reached at jeff@jeffnewmanlaw.com or 978-880-4758
