Susan Penney (CRD #: 1238195), a broker registered with Kovack Securities, Inc. and an investment adviser registered with Kovack Advisors, Inc., is facing allegations that she made unsuitable investment recommendations, according to her BrokerCheck record, accessed August 24, 2020. This is not the only disclosure related to her conduct as a broker.

On June 5, 2020, a client alleged that Susan Penney made unsuitable investment recommendations. The investor is seeking $100,00 in damages; the dispute is pending.

On October 17, 2012, Susan Penney entered into an Acceptance, Waiver and Consent agreement with the Financial Industry Regulatory Authority (FINRA), in which she consented to the findings that she exercised discretionary trading in investor accounts without prior written customer authorization. The findings further state that Susan Penney’s member firm’s policies prohibited discretionary trading on behalf of non-family member clients. Susan Penney consented to a 10-day suspension and a $5,000 fee. You can find a copy of Susan Penney’s AWC agreement here.

On December 13, 2010, Susan Penney was discharged from her position at Wells Fargo Advisors, LLC following allegations of discretionary trading.

Susan Penney has passed the Series 65 Uniform Investment Adviser Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Essentials Examination, the Series 7, General Securities Representative Examination, the Series 22 Direct Participation Programs Representative Examination, and the Series 6 Investment Company Products/ Variable Contracts Representative Examination. She is registered as a broker in Arkansas, California, Louisiana, Missouri, Ohio, Oklahoma, Texas, and Virginia. She is also a registered investment adviser in Oklahoma and Texas.

During her 36-year career, Susan Penney has worked at the following firms:

  • Westside Investment Management, LLC (CRD #: 154522)
  • LPL Financial LLC (CRD #: 6413)
  • Wells Fargo Advisors LLC (CRD #: 19616)
  • Prudential Securities Incorporated (CRD #: 7471)
  • Merrill, Lynch, Pierce, Fenner & Smith Incorporated (CRD #: 7691)
  • Princor Financial Services Corporation (CRD #: 1137)
  • First Investors (CRD #: 305)

If Susan Penney was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with a securities attorney. 

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