Securities Arbitration Lawyers BlogFINRA Suspends Christopher Kelly from Securities Industry for Four Months
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.