Spartan Capital Broker Joe Kelly Purportedly Sells Bad Private Placements

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports troubling information with regard to Spartan Capital Securities broker Joseph “Joe” Kelly (CRD#: 4560737, New York, New York). Notably, there are four investment disputes which have surfaced on Kelly’s record from 2016 to 2020. Supposedly, Kelly caused clients’ losses. Let’s take a look at what these investors had to say about Kelly.

Spartan Capital Client Indicates That Joe Kelly Sold Unsuitable Private Placement

Evidently, in July 2020, a client brought a FINRA Arbitration Claim about Joe Kelly’s actions at Spartan Capital Securities. Apparently, Kelly sold an unsuitable private placement when he was working for Spartan. Supposedly, this investment failed to be consistent with the client’s needs, objectives, risk tolerance, or other suitability criteria. For this reason, the client asked for $50,000 in compensation in this ongoing matter.

Joe Kelly Supposedly Misrepresents Investments Sold To Spartan Capital Client

Notably, a Spartan Capital client took aim at Joe Kelly in a January 2020 lawsuit. Apparently, Kelly misrepresented information which affected the client’s decision to invest. Not only that, but the client suggested that Kelly provided bad investment advice. Apparently, by following Kelly’s recommendations, the client supposedly incurred more than half a million dollars in losses. For this reason, the client seeks compensatory relief from Kelly or Spartan Capital. Reportedly, this dispute is pending a resolution.

Spartan Capital Client Indicates That Kelly Was Churning Account

Evidently, a third Spartan Capital client disputed Joe Kelly’s sales practices. Kelly supposedly sold or purchased unsuitable securities including stocks and other equities. Apparently, Kelly did not have the client’s interests in mind as he churned the client’s account. Supposedly, Kelly caused losses by making unreasonable trades in this respect. Because of this, the client alleged $1,082,641 in damages. Apparently, this matter is awaiting a resolution.

Joe Kelly Apparently Excessively Traded In Client’s Account

Also, FINRA BrokerCheck discloses on Joe Kelly’s record a lawsuit from April 2016 filed by a Spartan Capital client. Namely, the client indicated that Kelly made misrepresentations in connection with securities transactions. Apparently, Kelly made excessive trades in the client’s account. Because of this, the client sustained losses due to Kelly and obtained $225,365 in a settlement.

It appears that Joe Kelly has been registered with firms including National Securities Corporation (Edison, New Jersey) and PHX Financial (New York, New York).

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