The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Doug McKelvey (also known as Doug Marshall McKelvey) (CRD: 4502849, Southlake, TX). Evidently, investors disputed the sales practices of the securities broker, who worked for Morgan Stanley Smith Barney LLC. Additionally, the securities broker discloses a regulatory enforcement action. However, McKelvey denies the allegations of sales practice violations. Read on to learn more about the allegations against McKelvey.
Notably, a Morgan Stanley Smith Barney LLC client filed FINRA Arbitration: 22-00950 about Doug McKelvey. Namely, the client alleged that McKelvey misappropriated funds. Because of this, the client allegedly sustained damages. Therefore, on September 26, 2022, Morgan Stanley Smith Barney LLC settled this matter by paying the client $1,400,000 in damages.
Also, on August 26, 2022, FINRA issued Case: 2022074899601, sanctioning Doug McKelvey for infractions. Specifically, McKelvey was barred as a securities broker. Notably, FINRA claims that McKelvey did not submit information and documents to FINRA when it investigated potential FINRA rule violations.
Mainly, FINRA began an investigation into McKelvey based on alleged misappropriation of client funds and unauthorized activity. In connection with FINRA’s investigation, FIRNA sent McKelvey a request for the production of information and documents on July 6, 2022. On August 10, 2022, McKelvey indicated to FINRA that he had received the request but would not provide the documents and information. As a result, McKelvey violated FINRA Rules 2010 and 8210.
Evidently, Morgan Stanley disaffiliated with McKelvey on April 8, 2022. Allegedly, the firm based this decision on allegations of McKelvey misappropriating funds.
Additionally, a UBS Financial Services Inc. client filed a complaint about Doug McKelvey. Namely, the client alleged that McKelvey sold auction rate securities that became illiquid. Because of this, the client allegedly sustained damages. Therefore, on December 23, 2008, UBS Financial Services Inc. settled this matter by paying the client $175,000 in damages.
Doug McKelvey worked for Morgan Stanley in Southlake, TX, as a securities broker from June of 2009 to May of 2022.
Experienced damages because of Doug McKelvey? You should reach out to Soreide Law Group at (888) 760-6552 and talk with a securities lawyer about a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered money for many investors throughout the United States, is ready to review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. McKelvey and brokerage firms McKelvey worked for deny any and all allegations of sales practice violations.
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