William Joseph Kielczewski

(CRD #4034356, Ottawa Hills, Ohio) January 8, 2026 – William Joseph Kielczewski appealed an SEC decision to the U.S. Court of Appeals for the District of Columbia Circuit wherein the SEC sustained the findings and sanctions imposed by the National Adjudicatory Counsel (NAC). Kielczewski was fined $50,000, suspended from association with any FINRA member in all capacities for 18 months, and required to requalify by examination as a registered representative before reassociating with a member firm. The sanctions were based on findings that Kielczewski participated in undisclosed private securities transactions, made false statements to his employer firm, and willfully caused his employer firm to file a misleading initial Form U4 and four misleading Form U4 amendments. The findings stated that Kielczewski did not provide prior written notice to his member firm about his participation in the private securities transactions. The findings also stated that Kielczewski made false and misleading statements on firm compliance questionnaires in response to questions concerning private securities transactions. Kielczewski represented that he had not engaged in any private securities transactions while employed with the firm, despite participating in transactions totaling over $6 million. In addition, Kielczewski stated that he was a silent minority partner and only had a passive role in a hedge fund that he created, when in fact he was actively involved with the fund and solicited several of his customers to invest in it and otherwise participated in more than $10 million in fund investments. The findings also included that Kielczewski willfully caused the firm to file inaccurate Forms U4 regarding his involvement in the hedge fund. The sanctions are not in effect pending review. (FINRA Case #2017054405401) If you have suffered losses as a result of William Joseph Kielczewski’s act and/or actions, we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by William Joseph Kielczewski. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-330-6707 or email Matthew Schwartz directly at mschwartz@tslfirm.com.