BECKLEY – A Lewisburg woman is suing a financial adviser and a business after she allegedly lost thousands that she invested based on their recommendations.
Karen Diane McKay filed a complaint in Raleigh Circuit Court against William B. Kinder, individually and Bill Kinder and Associates Inc., doing business as Bill Kinder & Associates, alleging negligence and breach of fiduciary duty.
The suit states that the plaintiff contacted the defendant in February 2017 to review her current investments with AXA Advisors. The defendants allegedly told the plaintiff that the investment portfolio with AXA was insufficient and she should liquidate her account, which she proceeded to do, and that she should return to them for them to invest the funds.
The defendants allegedly recommended that the plaintiff purchase a single annuity with Fidelity & Guaranty Life Insurance Co. and to invest in a structured cash flow with FIP LLC. The plaintiff alleges she delivered the defendants two checks for the funding of the investments - one for $130,000 and one for $120,000.
The suit states plaintiff was told by the defendants in April 2018 that FIP LLC was experiencing financial difficulties and that her $130,000 investment was "gone."
The defendants allegedly made representations to the plaintiff that they would make the plaintiff whole from the loss.
The plaintiff is seeking all reasonable sums due, attorney fees and court costs. The plaintiff is represented by Gerald R. Lacy and Gara Hoke Lacy of Lacy Law Offices LC in Charleston.
The case has been assigned to Circuit Judge H.L. Kirkpatrick III.
Raleigh Circuit Court case number 19-C-21