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William R. Kinyon Barred for Misuse of Elderly Client's Variable Annuity Funds

FINRA barred former NYLife Securities broker William Robert Kinyon of Castleford, Idaho for allegedly misappropriating $3,000 from an elderly client. Specifically, Kinyon purportedly took a $3,000 check that was to be deposited into a variable annuity (VA) policy and instead deposited the funds into his own personal bank account.

FINRA AWC #2013038036901

The findings state that in June 2013, Kinyon deposited a senior client's check into his own bank account, converting the funds for his own personal use even after being instructed by the elderly customer to deposit the check into one of her VA accounts.

The report states that Kinyon wrote the check for $3,000 from his customer's bank account and his customer signed her name on the check, leaving the "Pay to the order of" line blank—effectively leaving Kinyon with an endorsed blank check, save for the $3,000 payable amount.

Forensic evidence gathered by FINRA shows that Kinyon used the $3,000 to buy items at stores such as Costco and Walmart, drawing checks off his bank account to cover the purchase costs.

For this improper use of a customer's securities or funds, which was brought to FINRA's attention thanks to the elderly client's power of attorney, who filed a complaint on behalf of the older customer, Kinyon received a permanent bar from the securities industry.

If you have invested with William Robert Kinyon or with any broker or financial adviser whose inappropriate misuse of funds—whether by misappropriated check, illicit wire transfer or otherwise—for their own personal gain has proven harmful to your investments or financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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