According to FINRA, Howard Dennis Kavinsky was barred from association with any FINRA member firm in all capacities for falsifying at least 190 consolidated account statements for at least eight customers, some of whom were seniors, and providing false information and testimony to FINRA.

Kavinsky overstated customers' account balances and reflected fictitious investments in a hedge fund on consolidated account statements. For at least six customers, Kavinsky falsified statements to show he had invested a portion of their funds in a hedge fund when no such investments had been made.

When FINRA investigated, Kavinsky provided false and misleading information and testified falsely during on-the-record testimony. FINRA requested that Kavinsky identify all customers for whom he had misrepresented account values, but he responded falsely by naming only a married couple who had already complained about him. At the time, Kavinsky knew he had overstated account values for at least eight customers.

During his testimony, Kavinsky repeatedly testified falsely that he never told any customers they were invested in hedge funds.

Falsifying account statements is an extremely serious violation that can cause significant harm to investors who rely on these documents to understand their financial situation. Seniors are particularly vulnerable to this type of misconduct.

This case underscores the importance of investors independently verifying their account holdings and being skeptical of any documents that do not come directly from their brokerage firm. Investors should also compare any documents provided by their advisor with official statements from the custodian.