FINRA fined and suspended former Ameritas Investment Corp. broker Daniel K Kittner for effecting approximately 700 trades in six accounts without first contacting his customers. The findings indicate Ameritas had not accepted or approved the accounts for discretionary trading, and Kittner inaccurately did not mark the trades as discretionary. An additional customer dispute in Kittner's file, settled for $41,000, alleged excess commissions as well as unauthorized trades.
According to FINRA's report, Kittner (CRD #4377296) from 2015 through 2017 not only exercised discretion without written authorization from his customers, but also never requested (or received) permission from Ameritas Investment Corp of Mesa, Arizona, to exercise discretion in the accounts.
When investigators determined that Kittner failed to consult his customers before executing the trades, and then failed to mark the orders as discretionary, FINRA additionally charged Kittner with causing Ameritas' books and records to become inaccurate.
Ameritas permitted Kittner to resign in the wake of a verbal customer complaint in November 2017; Kittner's BrokerCheck report indicates a settled customer dispute that alleged excess commissions and unauthorized trades.
According to his file, Kittner's employment with Ameritas coincided with a still-active self-employment with Dan Kittner Investments & Financial Services Ltd, which he describes as a senior financial advisor position that entails providing "retirees, working investors and business with financial advice."
If you have invested with Daniel K Kittner or with any broker or financial adviser who has exercised discretion or effected unauthorized trades in your account that have proven harmful to your investments or interests, through losses or excess commissions and fees, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.