Baton Rouge Broker Barred By FINRA for Excessive Churning Customer's Accounts

The following information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.” Call Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.

Chadrick David Kelly (CRD #2712230, Registered Representative, Denham Springs, Louisiana)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Kelly consented to the described sanction and to the entry of findings that he engaged in unsuitable excessive trading and churning in his customers’ accounts.

Kelly's customers were unsophisticated investors and had annual income levels of less than $100K, and a net worth of under $500K. Most of Kelly's customers lost a significant percentage of their retirement savings. FINRA found that Chad Kelly generated more in commissions in two accounts than those accounts had in equity.

FINRA's findings also included that Kelly made unauthorized trades in other clients’ accounts. Kelly put in sell orders in non-discretionary accounts without obtaining the client's approval and made numerous additional trades in customers’ accounts without obtaining approval. All of the customers expressed surprise when they learned about the trading in their accounts. Not one of the customers’ accounts were discretionary accounts.
(FINRA Case #2010023946701)

According to FINRA's BrokerCheck, Chadrick David Kelly was previously registered with FINRA at the following brokerage firms:

PETERSEN INVESTMENTS, INC.
CRD# 38537
BATON ROUGE, LA
09/2010 - 10/2011

WELLS FARGO ADVISORS, LLC
CRD# 19616
BATON ROUGE, LA
05/2006 - 08/2010

MORGAN STANLEY DW INC.
CRD# 7556
BATON ROUGE, LA
09/2000 - 06/2006

This ends the information obtained on FINRA’s website.

Soreide Law Group offers a free consultation and portfolio analysis to determine if you have legal grounds to pursue a FINRA arbitration. To speak with a securities lawyer call (888) 760-6552.

The following information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.” Call Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.

Chadrick David Kelly (CRD #2712230, Registered Representative, Denham Springs, Louisiana)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Kelly consented to the described sanction and to the entry of findings that he engaged in unsuitable excessive trading and churning in his customers’ accounts.

Kelly's customers were unsophisticated investors and had annual income levels of less than $100K, and a net worth of under $500K. Most of Kelly's customers lost a significant percentage of their retirement savings. FINRA found that Chad Kelly generated more in commissions in two accounts than those accounts had in equity.

FINRA's findings also included that Kelly made unauthorized trades in other clients’ accounts. Kelly put in sell orders in non-discretionary accounts without obtaining the client's approval and made numerous additional trades in customers’ accounts without obtaining approval. All of the customers expressed surprise when they learned about the trading in their accounts. Not one of the customers’ accounts were discretionary accounts.
(FINRA Case #2010023946701)

According to FINRA's BrokerCheck, Chadrick David Kelly was previously registered with FINRA at the following brokerage firms:

PETERSEN INVESTMENTS, INC.
CRD# 38537
BATON ROUGE, LA
09/2010 - 10/2011

WELLS FARGO ADVISORS, LLC
CRD# 19616
BATON ROUGE, LA
05/2006 - 08/2010

MORGAN STANLEY DW INC.
CRD# 7556
BATON ROUGE, LA
09/2000 - 06/2006

This ends the information obtained on FINRA’s website.

Soreide Law Group offers a free consultation and portfolio analysis to determine if you have legal grounds to pursue a FINRA arbitration. To speak with a securities lawyer call (888) 760-6552.