Chris Kirkland Allegedly Made Unauthorized Trades

Chris Kirkland (CRD# 5602044[1]), a broker registered with Avantax Investment Services, recommended unsuitable investments, according to 6-figure investor disputes. MDF Law is investigating the Atlanta-based financial professional, who does business as Legacy Capital Advisors, for similar conduct. We encourage investors with concerns to contact us as soon as possible.

To learn more about the allegations against Mr. Kirkland, continue reading. This post is based on information in his Financial Industry Regulatory Authority (FINRA) BrokerCheck record, accessed on November 4, 2023. 

Pending Disputes Seek 6-Figure Damages

Two parties of investors filed disputes involving Mr. Kirkland in August 2023. Both disputes alleged unsuitable investment recommendations, while one of them also alleged unauthorized transactions. The disputes, which remain pending, seek cumulative damages of $977,914.69. 

Understanding FINRA’s Suitability Rule

Under FINRA Rule 2111, brokers like Mr. Kirkland must tailor their investment recommendations to an investor’s objectives and circumstances. Unsuitable investments are those out of alignment with the client’s profile. An illiquid non-traded private placement, for example, might be considered unsuitable for an investor with a short-term investment horizon and liquidity needs. 

What Are Discretionary Trades?

Under FINRA Rule 3260, brokers can only conduct discretionary transactions under certain circumstances. Discretionary transactions are those executed without the broker’s prior consultation with the client. According to the rule, brokers must obtain the client’s prior authorization to conduct discretionary trades. They must also obtain and receive their member firm’s approval of the account for discretionary trading. 

Chris Kirkland Co-Founded Legacy Capital Advisors

As his BrokerCheck profile reflects, Mr. Kirkland operates under the brand Legacy Capital Advisors. The firm serves entrepreneurs, executives, pre-retirees, retirees, “peak career professionals,” and high net worth clientele, per its website[2]. “Whether you’re an early investor or a seasoned wealth-builder, clients from all walks of life have come to rely on our insight and expertise,” it asserts. Mr. Kirkland’s profile page[3] notes that he co-founded the firm and serves as Managing Partner. “Prior to co-founding Legacy Capital Advisors, LLC, Chris was associated with a Fortune 250 Company as a financial advisor, where he managed portfolios for individuals and small business owners,” it adds. “Chris holds FINRA registrations series 7, 31 and series 66, as well as Life, Health, Disability, and Long Term Care insurance licenses.”

FINRA: Kirkland Based in Atlanta, Georgia

Chris Kirkland launched his career as a broker in 2008, when he joined Ameriprise Financial Services’ branch office in Atlanta. He remained at the firm for two years, later joining LPL Financial and then IFG Advisory. He has been registered with his current member firm, Avantax Investment Services, since 2021. Doing business as Legacy Capital Advisors, he operates out of his firm’s office in Atlanta.

Investors Have Rights. MDF Law Defends Them

Have you lost money investing with Chris Kirkland? MDF Law may be able to help you. Our lawyers have decades of experience recovering millions in investment losses for their clients. We currently offer free consultations nationwide: call 800-767-8040 to discuss your options today.