Former New Hampshire governor Craig Benson has filed a $42.2 million claim against his Merrill Lynch broker, Charles Ernest Kenahan, of Newport, Rhode Island, according to Investment News reporting and Mr. Kenahan’s FINRA BrokerCheck Report.
The former governor’s allegations include claims that Kenahan made unsuitable investments, engaged in unauthorized trading and excessive trading (a.k.a. “churning”) in his account from December 2007 to February 2018.
Last month, Merrill Lynch paid $40 million to settle similar claims by another former customer, who alleged that Kenahan churned his account and made misrepresentations regarding trades in common and preferred stocks and penny stocks. His BrokerCheck report discloses another pending claim filed last year alleging $700,000 in losses due to unsuitable investments and churning.
Kenahan was fired by Merrill Lynch on July 9 based on customer allegations of unauthorized trading, unsuitable investment recommendations, and churning.
If you or someone you know lost money as a client of Charles E. Kenahan or Merrill Lynch due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.