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.