Jake Kagele- Was He Really Sued for Negligence? The Truth Exposed (2023)

Jake Kagele
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Jake Kagele asserts to offer customized investment services to a broad clientele in his capacity as managing director of NOVA Financial Services in Tucson, Arizona.
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Jake Kagele asserts to offer customized investment services to a broad clientele in his capacity as managing director of NOVA Financial Services in Tucson, Arizona. Desperately showing off his achievements and high-ranking social contacts Jake Kagele claims that he works with wealthy people and a range of institutions, such as trusts, corporations, and charitable foundations. Additionally, Jake Kagele claims that he was able to acquire more than $100,000 in tax credits for Salpointe Catholic High School through NOVA’s role as the school’s business partner in Tucson, Arizona.

Jake Kagele asserts that he has worked for NOVA for about ten years. Showcasing his exceptional background Jake Kagele claims that he draws on his extensive background in financial advising and investment management services with both Merrill Lynch and a standalone Wachovia office.

Further taking pride in his achievements Jake Kagele claims that the Investments and Wealth Institute (formerly the Investment Management Consultants Association) has awarded Mr. Kagele the prestigious title of Certified Investment Management Analyst (CIMA). He obtained this qualification from the University of Pennsylvania’s Wharton School, where academics created a certification curriculum that covers investment policy, asset selection, and risk assessment. He earned his CIMA accreditation before finishing Wharton’s Foundations and Endowments Certificate program.

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Jake Kagele- Merrill Lynch (Where Jake Kagele claims to have worked)

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Merrill Lynch formerly known as Merrill Lynch, is a branch of Bank of America that specializes in American investing and wealth management. Both businesses participate in prime brokerage and broker-dealer activities with BofA Securities, the investment banking division. The company’s New York City headquarters previously took up the whole 34 stories of 250 Vesey Street, a building that is a part of the Brookfield Place complex in Manhattan. Merrill manages $2.8 trillion in client assets ($3.4 trillion for Global Wealth and Investment Management) and has over 14,000 financial advisors working for it. The business also runs Merrill Edge, a branch that offers investing services and complementary ones like call center consulting.

The business was publicly held and traded on the New York Stock Exchange before 2009. On September 14, 2008, during the height of the 2007–2008 financial crisis and the same weekend that Lehman Brothers was allowed to fail, Merrill Lynch & Co. agreed to be acquired by Bank of America. After the merger of Merrill Lynch & Co., Inc. and Bank of America Corporation in October 2018, which was finalized in January 2009, some Bank of America companies kept the Merrill Lynch name, including the broker-dealer Merrill Lynch, Pierce, Fenner & Smith. Bank of America changed the name of the division to “Merrill” in 2019.

The “thundering herd” of financial advisors that Merrill Lynch utilized to place the securities that it directly underwrote helped the company gain notoriety. On the other hand, a lot of well-known Wall Street companies, including Morgan Stanley, relied on teams of independent brokers to place the securities they underwrote. The majority of its executives were Irish Catholics, earning it the nickname “Catholic” firm of Wall Street in the past.

Jake Kagele- Wachovia (Where Jake Kagele claims to have worked)

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A diverse provider of financial services with headquarters in Charlotte, North Carolina, was Wachovia. According to total assets, Wachovia was the fourth-largest bank holding company in the US prior to being acquired by Wells Fargo & Company in 2008. A wide range of banking, wealth management, asset management, and corporate and investment banking products and services were offered by Wachovia. At its peak, it was one of the biggest providers of financial services in the country, with financial centers from Connecticut to Florida and west to California, spread throughout 21 states and Washington, D.C. Through more than 40 offices worldwide, Wachovia offered global services.

On December 31, 2008, Wells Fargo successfully acquired Wachovia following a forced sale by the government to prevent Wachovia from failing. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years. On October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.

Jake Kagele- Investors Sue Mutual Securities for Negligence

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A customer-initiated investment-related arbitration claim against stockbroker Jake Kagele of Tucson, Arizona, who was formerly employed by Mutual Securities Inc. resulted in the customer being awarded $35,631.76 in compensatory damages after Jake Kagele was found liable for the customer’s causes of action, which included that a contract between the customer and the securities broker-dealer had been broken and that Jake Kagele was negligent with regard to withdrawals and distributions.

FINRA Public Disclosure reveals that Jake Kagele has been identified in two additional customer-initiated investment-related disputes concerning accusations of his wrongdoing during the period that he was employed by Mutual Securities Inc. Jake Kagele is referenced in a customer-investment-related arbitration claim which was resolved for $1,250,000.00 in damages based upon allegations that misleading and negligent representations were made by the stockbroker in regard to exchange-traded funds sold to the customer.

The claim contends that the customer’s investment account had been improperly handled and had been subject to an unsuitable investment plan in light of the customer’s goals and risk tolerance. In addition, it is claimed that Jake Kagele violated the customer’s fiduciary obligation while serving as the managing partner of Nova Financial LLC and Mutual Securities’ investment advisor representative.

On December 26, 2017, a customer-initiated investment-related arbitration claim involving Jake Kagele’s conduct was settled for $57,825.00 in damages. The claim was based on allegations of misrepresentation and a breach of fiduciary duty by Jake Kagele, which led to the exchange-traded fund losses of the customer of Mutual Securities. According to the allegation, an investment strategy was applied in the customer’s account that was out of alignment.

The claim alleges that an investment strategy had been implemented in the customer’s account which failed to align with the customer’s investment objectives and risk tolerance. According to the claim, the customer’s account had been mismanaged by Jake Kagele.

Jake Kagele’s registration with Mutual Securities has been terminated as of November 7, 2017.

Reference- Mutual Securities Sued By Investors For Negligence (archive.org)

Jake Kagele- FINRA ( Accused Jake Kagele)

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The Financial Industry Regulatory Authority (FINRA) is a private American corporation that functions as an exchange market and member brokerage firm self-regulatory organization (SRO). The National Association of Securities Dealers, Inc. (NASD) and the New York Stock Exchange’s member regulatory, enforcement, and arbitration functions were replaced by FINRA. The U.S. Securities and Exchange Commission (SEC) is the U.S. government agency that serves as the ultimate regulator of the U.S. securities sector, including FINRA.

The largest independent regulator of all securities companies operating in the US is the Financial Industry Regulatory Authority. The goal of FINRA is to safeguard investors by ensuring that the American securities market runs honestly and fairly. 153,907 branch offices, 3,517 brokerage firms, and roughly 624,674 registered securities professionals were under the supervision of FINRA in December 2019.

FINRA employs over 3,600 people and has 20 regional offices spread out across the country. It is based in Washington, D.C., and New York City.

FINRA provides regulatory oversight over all securities firms that conduct business with the public, as well as those that provide market regulation by contract for the New York Stock Exchange, the NASDAQ Stock Market, Inc., the American Stock Exchange LLC, and the International Securities Exchange, LLC, professional training, testing, and licensing of registered persons, arbitration, and mediation, and industry utilities like Trade Reporting Facilities and other over-the-counter oper

The New York Stock Exchange, NYSE Regulatory, Inc., and NASD combined their member regulatory, enforcement, and arbitration functions to become FINRA. On July 26, 2007, the Securities and Exchange Commission (SEC) of the United States gave its approval to the transaction.

Wrapping-Up

Jake Kagele- Fiduciary Negligence: What Is It?

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A sort of professional misconduct known as fiduciary negligence occurs when a person violates their fiduciary duties and obligations. Fiduciaries are given specific obligations in relation to their clients. When a fiduciary negligently harms the party they are responsible for protecting, this is known as fiduciary negligence.

  • A fiduciary is a person or organization tasked with keeping an eye on another party’s financial accounts or assets.
  • A sort of professional misconduct known as fiduciary negligence occurs when a person violates their fiduciary duties and obligations.
  • In general, fiduciary negligence takes the form of passive behavior, which is when someone does nothing to stop or address the activities of others.
  • Simple negligence, egregious negligence, or negligent deception are all examples of fiduciary negligence.
  • A plaintiff must show how the defendant’s negligent behavior caused damages in order to establish fiduciary negligence.
  • Fiduciary negligence has financial compensation as one of its typical penalties, but it can also result in criminal prosecution.

Jake Kagele- Understanding Fiduciary Negligence

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When a fiduciary fails to respond to duty violations, particularly when their efforts may have avoided the violations or lessened their harmful effects, this is known as fiduciary negligence. A fiduciary is a person or organization tasked with keeping an eye on another party’s financial accounts or assets.

Members of the board may act in the best interests of the shareholders. Trustees and lawyers are two examples of other professionals who frequently fulfill a fiduciary duty. The fiduciary must follow a number of moral and legal laws and regulations.

In general, fiduciary negligence takes the form of passive behavior, which is when someone does nothing to stop or address the activities of others. Since the fiduciary initiates or deliberately engages in action that violates their ethical responsibility or code of conduct, this form of failure is referred to as negligence rather than acts of fraud or deception.

Even if they did not profit from the outcome of their inaction, a party acting in a fiduciary capacity may nevertheless be guilty of carelessness. Let’s say a company’s shareholders give the management of the business their money.

Even if the chief financial officer did not personally profit from the company’s employees’ financial misdeeds, such as embezzling money or using company funds for opulent dinners and gifts while the chief financial officer neglects to review the financial accounts, allowing such violations to go unnoticed, that officer would be held accountable.

Jake Kagele- What Constitutes a Fiduciary Duty Violation?

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When a fiduciary fails to act in the best interest of the person for whom they are serving in that capacity, they have violated their fiduciary obligation. This breach may be done actively through fraud or misrepresentation, or it may be done passively through negligence.

Jake Kagele- Penalties of Fiduciary Duty Violation

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Parties who engage in conduct that can be construed as negligence may be subject to a number of sanctions or other repercussions. A relevant entity or governing body with jurisdiction over that party may apply these penalties.

In some circumstances, the offender may even be in danger of facing criminal charges. The conduct would often be regarded as a civil matter. A party that believes they have suffered harm as a result of fiduciary negligence may bring a lawsuit against the fiduciary.

As with any legal complaint, the plaintiff would need to build a case by demonstrating the alleged negligent act(s) and producing supporting documentation. The potential damages that could be awarded if the plaintiff is successful would depend on a variety of factors, including the number of losses the plaintiff may have suffered as a result of the negligence on the part of the fiduciary.

If you have sensitive information or have had a personal experience with Jake Kagele but want to stay anonymous, then submit it using our secured form. You can connect with our expert contributors and help in finding the truth. We never share your information with 3rd parties.
Jake Kagele- Was He Really Sued for Negligence? The Truth Exposed (2023)
Jake Kagele- Was He Really Sued for Negligence? The Truth Exposed (2023)

5 Comments
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  1. I can’t believe I trusted Jake Kagele with my investments, thinking he had a solid background with Merrill Lynch and Wachovia.

  2. Learning about Jake Kagele’s termination from Mutual Securities in 2017 is troubling. It’s essential to expose individuals like him who may have violated fiduciary duties, leaving investors like me at risk.

  3. Despite boasting about achievements and connections, the accusations of mishandling investment accounts and the damages awarded in arbitration cases raise serious concerns about his practices.

  4. It’s crucial to have regulatory bodies in place to protect investors from potential scams.

  5. Fiduciary negligence is a serious matter, and understanding the consequences is crucial for victims like me.

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