The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Frank Kelly. According to his publicly available FINRA BrokerCheck report, Frank Kelly has been the subject of multiple customer disputes.
Frank Kelly is a Pennsylvania based securities broker. He has worked in the securities industry for twenty-seven years. During his career, he has been registered with two different securities firms.
- G.R. Phelps & Co. (1991-1995)
- Avantax Investment Services (1995-Present)
- In August 2005, a customer alleged that they experienced losses due to Frank Kelly’s unsuitable investment recommendations. This case was settled for $50,000 in damages.
- Also in August 2005, another customer alleged that Frank Kelly recommended unsuitable investments. This case was settled for $99,000 in damages.
- In October 2017, a customer alleged that Frank Kelly did not inform them of the margin balance or margin interest associated with their account. This case was settled for $6,824 in damages.
- In April 2019, a customers alleged they were led to believe the products Frank Kelly recommended were suitable, when this was not the case.
- In May 2019, Frank Kelly was officially sanctioned by FINRA. The findings in this matter state that he executed an unauthorized trade in a customer’s account. Due to these alleged actions, Frank Kelly was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of three months.
What Does This Mean?
Most investors lack the knowledge and experience to invest suitably on their own behalf. This is the reason that most investors hire securities brokers in the first place. So that they can recommend investments that are actually suitable for them. Brokers can determine suitability by looking at factors that include; investment objectives, net worth, age, financial situation, annual income, risk tolerance, and liquidity needs. The most important part of a broker’s job is the ability to determine suitability by looking at these factors. Because of this, they are not allowed to excuse any negligent misdeeds by claiming they were unaware the investment was unsuitable.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Frank Kelly, please contact Oakes & Fosher for a free and private consultation.