Soreide Law Group obtained the following April 2017 Disciplinary Report from FINRA’s website:
Kelly Clayton Althar (CRD #2666723, San Pablo, California)
was barred by FINRA for allegedly making unsuitable recommendations and engaged in excessive trading in accounts held by an elderly client.
FINRA’s findings stated that Kelly Althar engaged in high-volume trading to generate commissions and over-concentrated his client’s accounts in risky securities, despite the fact that the client was close to retirement and only wanted low-risk investments.
According to FINRA, allegedly, Althar’s trading decimated the elderly client’s accounts, which constituted the bulk of her net worth and retirement savings.
After Althar’s client opened her accounts with Althar at his member firm, he exercised e facto control over both her accounts and frequently placed trades without consulting with her first. Kelly Althar often purchased, sold and subsequently repurchased the same security in the client’s accounts within a short period of time.
FINRA states that Althar used this control to allegedly excessively trade the client’s accounts in a manner that was inconsistent with her investment objectives, financial situation and needs, and the trading strategy resulted in costs so high the possibility of profit was remote.
(FINRA Case #2014041137501)
FINRA has barred Kelly Althar from acting as a broker or otherwise associating with firms that sell securities to the public. Althar has 5 disclosures on his FINRA BrokerCheck report, and has been in the securities industry for 9 years and was listed with 6 firms, the two most recent listed below:
2/18/2015 - 05/27/2016 PAULSON INVESTMENT COMPANY LLC - NOVATO, CA
04/05/2011 - 12/11/2015 FINANCIAL WEST GROUP - SAN FRANCISCO, CA
If you or an elderly family member suffered investment losses due to the actions or recommendations of former California broker, Kelly Althar, contact Soreide Law Group and speak to a securities lawyer regarding the possible recovery of your financial loss at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis. We have years of experience defending elderly clients against unscrupulous brokers.
