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Former Stifel, Nicolas & Company, Inc. Broker Accused of Misconduct

Kenneth Hornyak (CRD# 2990144) accepted and consented to a bar from the securities industry after he refused to appear for an interview in connection with FINRA’s investigation into potential misconduct.

From about March 2006 until January 2014, Hornyak was registered as a securities representative with Stifel, Nicolas & Company. In January 2014, the firm discharged Hornyak based on allegations that he violated firm policy by exercising discretion without written authorization.

About three months after he was discharged from Stifel Nicolas, FINRA requested that Hornyak appear for an interview in relation to an investigation over potential unauthorized and unsuitable trading in unit investment trusts or “UITs” made by Hornyak. Hornyak failed to appear for this interview, so FINRA took measures to bar him from the securities industry.

Meyer Wilson recently represented a retired couple who lost a substantial amount of their retirement savings after they invested in UITs at the recommendation of their broker. While UITs are not always a poor investment choice, we at Meyer Wilson believe that they are often a poor substitute for ordinary mutual funds. UITs are not actively traded, and because they are unmanaged investments, they can’t change in response to market declines or other events when such changes are appropriate. They can also be very expensive. For more information about UITs, watch Attorney Dave Meyer’s helpful video.

Since 1999, our law firm has been helping investors recover their losses caused by fraud and misconduct. So far this year, the firm has helped its clients recover more than $350 million. If you lost a substantial amount of money on your investments, we invite you to contact a securities fraud lawyer at Meyer Wilson for a free review of your case.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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