Current Investigations

CMD Investigating Claims Against Broker John Kakonikos for Churning, Excessive Trading, Unsuitable Recommendations and Unauthorized Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against stock broker John Kakonikos for churning, excessive trading, unauthorized trading and unsuitable recommendations. According to Mr. Kakonikos’ FINRA BrokerCheck, he has been the subject of at least five (5) customer complaints while registered with Southeast Investments and Caldwell International Securities.

According to FINRA, Mr. Kakonikos engaged in excessive and unsuitable trading in a customer’s account, causing realized trading losses of $72,524.53, while generating $41,617.56 in fees and commissions. The findings stated that Mr. Kakonikos recommended and executed securities transactions in the customer’s account, over which he had de facto control.  Considering the customer’s financial situation, lack of investment experience and needs, and requiring a minimum return of nearly 50 percent just to break even, Mr. Kakonikos’ trading in the customer’s account was excessive and quantitatively unsuitable for the customer.  Overall, the account generated $53,168.22 in cumulative costs, including margin interest.  The findings also stated that Mr. Kakonikos effected purchase and sale securities transactions in the customer’s account without her authorization, knowledge or consent.

If you or someone you know lost money investing with John Kakonikos, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

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