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Kyle Brooks: Allegations of Misappropriated Funds From Youth Sports
Tulsa, Oklahoma financial advisor Kyle Brooks (CRD# 4640829) was recently terminated from Edward Jones in connection with alleged rule violations. Records maintained by the Financial Industry Regulatory Authority show that he is currently registered as a broker and an investment advisor with State Farm VP Management Corporation.
Mr. Brooks’ BrokerCheck report contains a disclosure describing his departure from Edward Jones. Filed in December 2022, it states that the firm fired him after it initiated an internal investigation into his conduct. The investigation, according to the disclosure, followed the receipt of a customer complaint detailing allegations that he “misappropriated funds from a youth sports association.” Edward Jones ultimately discharged him as a result of “concerns the registered representative did not adhere to Firm policies relating to outside activities and prohibited practices.”
Investors should be aware that the misappropriation of investor funds is forbidden by FINRA Rule 2150. This rule stipulates that no FINRA-registered person “shall make improper use of a customer’s securities or funds.” Misappropriation may also be considered a violation of FINRA Rule 2010, which states that brokers like Mr. Brooks are required “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Representatives who contravene these rules may be held liable for damages and/or subject to disciplinary action.
According to the Financial Industry Regulatory Authority, Kyle Brooks holds 19 years of securities industry experience. Based in Tulsa, Oklahoma, he has been registered as a broker with State Farm VP Management Corporation since March 2023. His past registrations include Edward Jones in Okmulgee, Oklahoma, where he was registered from 2009 until December 2022; and State Farm VP Management Corporation in Broken Arrow, Oklahoma, where he was registered from 2003 until 2009. 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 Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is not currently licensed with any US state. (Information current as of March 26, 2023.)
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