Securities Broker John Kellar Might Have Caused Investor Losses
Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports six investor disputes on the BrokerCheck report of securities broker John P. Kellar (CRD#: 1436046, Naples, Florida). Namely, investors who brought disputes indicate that Kellar, who presently works for Wells Fargo, seemingly sold unsuitable investments causing losses. Here’s more on the broker and what you could do if he sold you inappropriate investments.
Client Of Wells Fargo Indicates That John Kellar Sold Unsuitable Investments
Apparently, a client of Wells Fargo took issue with John Kellar’s sales practices as evidenced through a complaint in April 2020. It seems that Kellar was the client’s financial advisor during a time when the client invested in unsuitable mutual funds. Allegedly, the broker not only placed the client in bad investments, but he also failed to place sell orders in the client’s account pursuant to instructions that the client had provided him. For this reason, the client demanded compensation from Wells Fargo or Kellar. However, Wells Fargo denied this claim.
Kellar Supposedly Sells Inappropriate CDs To Wells Fargo Client
Evidently, a client of Wells Fargo came forward in April 2018 to dispute John Kellar’s sales practices. Purportedly, Kellar invested the client in CDs that were not in the client’s best interest. Supposedly, these CDs did not take into account rising inflation and required minimum distribution (RMD). However, this matter was denied by the securities firm.
Wells Fargo Client Indicates That John Kellar Made Unauthorized Trades
Also, a client filed a lawsuit in 2014 over John Kellar’s trading practices at Wells Fargo. First of all, the client indicated that Kellar sold unsuitable investments. Secondly, the client alleged that the broker made unauthorized and excessive trades. However, this claim has been withdrawn by the client.
Past Disputes From Kellar’s Clients Indicate Suitability Issues
Evidently, Kellar used to work for Prudential. Notably, a FINRA Arbitration Panel ordered John Kellar to pay a Prudential client $38,162.51 in compensatory damages because the Panel found Kellar responsible for providing the client with bad investment advice. Also, the Panel found that the broker breached a fiduciary duty to the aggrieved client.
In another previous dispute, a Florida client of Wachovia Securities indicated that John Kellar improperly caused them to invest in a variable annuity. Allegedly, Kellar did not explain the annuity to the client which prevented the client from being informed. However, this claim was denied. And in the first dispute reported on Kellar’s BrokerCheck report, which was dismissed, a client alleged misrepresentation.
Losses From John Kellar?
BrokerCheck indicates that John Kellar denies allegations of his sales practice violations. Have you experienced losses by investing through him? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and it advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and financial advisors.