The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Stephen Kelbick. According to his publicly available FINRA BrokerCheck report, Stephen Kelbick has been the subject of multiple customer disputes.

Stephen Kelbick operated as a Pennsylvania based securities broker. He worked in the securities industry for thirty-one years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Prudential-Bache Securities (1985-1991)
  • Lehman Brothers Inc. (1991-1993)
  • Citigroup Global Markets (1993-2009)
  • Morgan Stanley (2009-2013)
  • Wells Fargo Clearing Services (2013-2017)

The Allegations

  • In June 2016, a customer alleged that Stephen Kelbick engaged in excessive, unsuitable, and unauthorized trading. This case was settled for $6,000 in damages.
  • In November 2016, a customer alleged that Stephen Kelbick did not invest their portfolio as previously discussed. This case was settled for $24,000 in damages.
  • Stephen Kelbick was discharged from his position at Wells Fargo Clearing Services in August 2017. This followed allegations that he executed unauthorized trades in a customer’s account. Due to these alleged actions, he was also fined $5,000 and suspended by FINRA from acting as a securities broker in any fashion for a period of fifteen business days.

Unauthorized Trading

Just because an investor has hired a securities broker to recommend what securities they should purchase does not mean they have surrendered their right to ultimately decide what they want to be invested in. Some less than scrupulous securities brokers take it upon themselves to execute trades in their customers’ accounts without first obtaining the customer’s authorization to do so. This can often cause financial loss to the customer as often times the broker did not seek the customer’s authorization due to the trade being rather 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 Stephen Kelbick, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.