Jupiter, FL broker allegedly borrowed money from customers without disclosing the arrangement or seeking an exception to his member firm’s rule that prohibits it
After 17 years in the securities industry, Christopher Kelly, a broker in Jupiter, Florida, has been suspended for four months by the FINRA. Silver Law is investigating the allegations against Kelly, who was most recently employed by LPL Financial in Jupiter, Florida from 2005 to 2014. He was also a registered representative for Banc of America Investment Services; Merrill Lynch, Pierce, Fenner and Smith; and Prudential Securities.
FINRA alleges that Kelly borrowed $150,000 from customers, an action that is in violation of his member firm’s borrowing policy. It is also alleged that he did not disclose this borrowing arrangement with his firm or seek an exception to the rule that prohibits this arrangement. Kelly was terminated from LPL Financial soon after these allegations were made.
Additionally, FINRA also reported that Kelly participated in a private securities transaction when he sold a $150,000 convertible preferred equity interest in his investment advisory business to an investor. Kelly did not provide any prior written notice of this transaction to his firm. To find out more about the allegations against him and his employment history, take a look at his BrokerCheck report, a complimentary service provided by the FINRA.
In addition to his four-month suspension, Kelly has been fined $10,000 in penalties.
Did you enlist the services of Christopher Kelly as your trusted financial advisor? If you suffered a financial loss as a result of his misconduct, we may be able to help you recoup some or all of your losses.
At Silver Law, we represent the interest of investors who are victims of investment fraud. If you have questions about your legal rights or need help, please contact us today for a free consultation with one of our experienced securities arbitration attorneys.