FINRA fined and suspended former Spartan Capital Securities broker Joseph Kelly for excessive trading in customer accounts after he recommended a series of trades that were unsuitable and not in the customers' best interests, in violation of the industry's Best Interest Obligation Regulation BI.
Joe Kelly (CRD #4560737) 's BrokerCheck report lists a prior $225,365 settlement for misrepresentations and excessive trading, as well as a more recently settled dispute alleging churning, suitability violations, and losses in investments.
According to FINRA's report, Kelly recommended excessive and unsuitable recommendations to customers that resulted in $365,344 commissions charged and caused $262,673 in realized losses.
The report lists examples of customers approaching retirement age who invested at Spartan Capital with broker Kelly, ultimately suffering losses as a result of Kelly's recommendations that generated excessive commissions, a series of recommendations that FINRA called "quantitatively unsuitable" for three customers and "not in the best interest" of a fourth client.
If you invested with former Spartan Capital Securities broker Joseph Kelly or with any investment adviser who recommended excessive and unsuitable trades that resulted in losses, damages, excessive commissions, sales charges, or fees, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.