Kim Millman, formerly with Park Avenue Securities, Suspended by FINRA
Have you lost money with financial advisor Kim Millman? We are looking into allegations made about Kim Millman from Armonk, New York. FINRA (the Financial Industry Regulatory Authority) suspended Millman from the securities industry for eight months and fined her $10,000. FINRA alleged that Millman failed to timely disclose numerous tax liens that totaled over $500,000. Millman also borrowed $6,000 from a customer of her former brokerage firm, Park Avenue Securities, without disclosing such to her firm.
Kim Millman was a financial advisor and registered representative of Park Avenue Securities from 1999 to February 2020. She worked in a branch office in Armonk, New York.
Brokerage firms like Park Avenue Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Park Avenue Securities.