May 022020
 
 May 2, 2020  Posted by  Breaches, Business

Pete Michaels and David Ward of Mintz write:

Kestra Investment Services LLC (“Kestra”) was fined $125,000 by FINRA for sharing personal customer data with a third-party vendor.  Kestra had engaged the vendor to assist newly hired brokers with the transfer of customer accounts to Kestra from competing broker-dealers.  From November 2017 to February 2019, sixty-eight registered representatives joined Kestra from other firms.  Each of these brokers disclosed personal customer data to the vendor, including social security numbers, driver’s license numbers, annual income, net worth and other personal and financial information, for clients that they hoped to transfer to Kestra from their prior firm(s).

Read more on JDSupra.

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