Erez Law is currently investigating former David A. Noyes & Company broker James Kirchner (CRD# 2852217) regarding unsuitable investment recommendations. Kirchner was registered with Cabot Lodge Securities LLC in Chicago, Illinois from September 2019 to March 2020. Previously, Kirchner was registered with IFS Securities in Chicago, Illinois from January to September 2019. Prior to that, Kirchner was registered with David A. Noyes & Company in Indianapolis, Indiana from 2014 to 2018. The representative was previously registered as a broker and is currently registered as an investment adviser.
Kirchner has been the subject of seven customer complaints between 2001 and 2020, one of which was denied, according to his CRD report. Recent complaints are regarding:
- March 2020. “Customer alleges that alternative investments recommended were not suitable.” The customer sought $175,000 in damages and the case was settled for $90,000. The complaint was regarding direct investments and took place while Kirchner was registered with David A. Noyes & Company.
- January 2020. “Customers allege that investments made in private placements during 2016 and 2017 may be unsuitable.” The customer sought $300,000 in damages and the case was settled for
$145,000. The complaint was regarding private placements and took place while Kirchner was registered with David A. Noyes & Company.
- July 2019. “Customer alleges 2016 investment made in private placement is unsuitable.” The customer sought $100,000 in damages and the case was settled for $50,000. The complaint was regarding direct investments and took place while Kirchner was registered with David A. Noyes & Company.
- May 2019. “Customer alleges that investments made in private placements were unsuitable.” The customer sought $275,000 in damages and the case was settled for $165,000. The complaint was regarding direct investments and took place while Kirchner was registered with David A. Noyes & Company.
- June 2018. “Customer alleged the representative never explained margin to him fully, resulting in his being sold out in some positions during a market downturn.” The customer sought $200,000 in damages and the case was settled for $15,000. The complaint took place while Kirchner was registered with David A. Noyes & Company.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, David A. Noyes & Company may be liable for investment or other losses suffered by Kirchner’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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