The law firm of Oakes & Fosher is currently investigating the possible misconduct of former securities broker Kelly Althar. According to his publicly available FINRA BrokerCheck report, Kelly Althar has been the subject of a FINRA sanction.

Kelly Althar operated most recently as a California based securities broker. He worked in the securities industry for nine years. During his career, he was registered with six different securities firms.

His Registrations

  • Pruco Securities (1995-1996)
  • Sun Investment Services Company (1996-1997)
  • M.L. Stern & Co. (2007-2008)
  • Southwest Securities (2008-2011)
  • Financial West Group (2011-2015)
  • Paulson Investment Company (2015-2016)

The Allegations

Kelly Althar was officially sanctioned by FINRA in January 2017. The findings in this matter state that Althar made unsuitable investment recommendations and excessively traded the accounts held by an elderly customer. He allegedly over-concentrated the accounts in risky and speculative securities even though the customer previously expressed that they wanted low risk investments due to the fact that they were nearing retirement. Due to these alleged actions, Kelly Althar was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by factors that include the customer’s financial situation, investment objectives, risk tolerance, and liquidity needs. Securities brokers, like Kelly Althar, are expected to conduct the necessary due diligence required to discern a customer’s suitability by analyzing the above mentioned factors. Investors who believe they have lost money due to their securities broker’s unsuitable investment recommendations may be entitled to damages.

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. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion. If you, or someone you know, have lost money investing with Kelly Althar, please contact Oakes & Fosher for a free and private consultation.