FINRA BrokerCheck reports troubling allegations against securities broker Keith Landon Kelt (CRD#: 267357, Santa Barbara, California). Notably, three investors filed disputes about the broker, who worked for TKG Financial from 2005 to 2017 before joining Kovack Securities in 2017. These investor disputes seem to suggest that Kelt made unsuitable trades and caused his clients’ losses. Here’s more:
Keith Kelt Allegedly Improperly Managed Account
Apparently, a client of Kovack Securities and TKG Financial brought a complaint about Keith Kelt on March 21, 2020. Mainly, the client suggested that Kelt or one of his subordinates badly managed the client’s account. It seems that the securities broker made inappropriate stock trades causing investment losses. For this reason, Kelt compensated the client in the amount of $12,000 to settle this matter on April 7, 2020.
TKG Financial Client Indicates That Kelt Sold Unsuitable Securities
A TKG Financial client suggested that Keith Kelt engaged in bad sales practices according to an October 17, 2018 FINRA Arbitration Action. Namely, the client indicated that it was not suitable for Kelt (or a securities broker who he oversaw) to invest the client in stock and real estate securities. Not only that, but TKG Financial or Kelt supposedly failed to supervise securities sales from 2008 to 2016. Because of this, the client seeks compensatory relief in this ongoing matter.
Keith Kelt Supposedly Invests Client In Bad REITs
BrokerCheck also shows that on September 19, 2017, a client of TKG Financial and Kovack Securities lodged a dispute. Apparently, Kelt was responsible for the client’s purchase of Hospitality Investors Trust REIT. This investment was seemingly inappropriate because of the client’s risk tolerance or some other aspect of the client’s investment profile. Evidently, the client received a payment of $17,040.58 to settle this matter on February 27, 2018.
Did Securities Broker Kelt Sell You Bad Investments?
Have you experienced losses by investing with Kovack securities broker Keith Kelt? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors.