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GPB Complaint Against Las Vegas Advisor Kyle Kirwan
Las Vegas and Henderson broker and investment advisor Kyle Kirwan (CRD# 5088691) recently received an investor complaint alleging six-figure damages relating to an investment in GPB Holdings. Financial Industry Regulatory Authority records show that he is a representative of Cornerstone Wealth Management, offering securities through Independent Financial Group.
Mr. Kirwan’s BrokerCheck report discloses one pending investor complaint. Filed in January 2022, it alleges that as a representative of Kalos Capital, he breached his fiduciary duty and over-concentrated the claimant’s account in high risk securities, including investments in GPB Holdings II. The pending complaint alleges damages of $334,000.
An earlier complaint listed on his BrokerCheck report, filed in April 2021, similarly alleged that he breached his fiduciary duty and over-concentrated securities as a representative of Kalos Capital. This complaint reached a settlement of $18,000. In a Broker Statement on the disclosure, Mr. Kirwan commented in part, “The claimant understood and acknowledged their understanding of the risks, and that the investment recommendations were in line with investments suitable for their stated Financial goals, objectives, and risk profiles. While one investment has declined in value and some have been transferred, the overall portfolio has been profitable.”
A third complaint, filed in 2020, alleged that the firm did not conduct proper due diligence on unsuitable investments in annuity, mutual fund, real estate, private equity, interval fund, and other products. The complaint reached a settlement of $54,037. In a Broker Statement on the disclosure, Mr. Kirwan commented that the action was part of a global settlement with multiple claimants. “Kalos and I deny any and all wrongdoing and I would have preferred to vigorously defend our actions in a fair venue,” he wrote. “As confident as I am that I would be exonerated of any wrongdoing, Kalos determined as a business judgment that it was in the firm’s best interests to resolve the dispute rather than incur the time, business disruption, and legal expenses associated with a protracted arbitration proceeding.”
According to the Financial Industry Regulatory Authority, Kyle Kirwan holds 13 years of securities industry experience. Based in Las Vegas and Henderson, Nevada, he has been registered with Independent Financial Group, doing business as Cornerstone Wealth Management, since August 2021. His past registrations include Kalos Capital, First Heartland Capital, Silver Oak Securities, MTL Equity Products, Stonehurst Securities, and Community Bankers Securities. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 20 state licenses. (Information current as of May 23, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.