KEVIN JOSEPH CARROLL Fined and Suspended

On September 5, 2023, KEVIN JOSEPH CARROLL, who was most recently with Wells Fargo and then LPL Financial, both of Glastonbury, Connecticut, was fined $10,000 and suspended for 4 months for allegedly borrowing money from one of his clients, who was also a friend.  Also, he allegedly did not get other clients’ written approval for trades in non-discretionary accounts.

Without admitting or denying FINRA’s findings, KEVIN JOSEPH CARROLL consented to the sanctions and to the entry of findings that he allegedly borrowed $31,170 from one of his clients without obtaining approval from his member firm.

FINRA’s findings stated that during a meeting with his supervisor, KEVIN JOSEPH CARROLL disclosed that he intended to borrow money from one of his friends who was also his client at the firm. Carroll's supervisor informed him that he would not be permitted to borrow money from the client. However, Carroll borrowed the funds from the client. The loan was documented by a promissory note. According to the FINRA report, Carroll has not made any payments on the loan and the client has not complained.

FINRA’s findings also stated that KEVIN JOSEPH CARROLL exercised discretion involving the purchases of UITs in two senior clients' accounts without prior written authorization from the clients for Carroll to exercise discretion in their accounts and without the firm having accepted either client account as a discretionary account.

According to a recent article in Financial Advisor IQ, Carroll had joined LPL Financial in Glastonbury, Connecticut in March of 2019 Carroll came from Wells Fargo along with advisor, Sam Shehu. Together they managed approximately $110 million in assets at Wells Fargo, according to LPL’s hiring announcement. In March of 2020, FINRA ordered KEVIN JOSEPH CARROLL to pay Wells Fargo more than $706,000, which represented the unpaid balance of a recruiting loan, in addition to interest and other fees. The Financial Advisor IQ article also stated that Carroll’s expungement bid was denied by a FINRA panel earlier this year. The panel also granted LPL’s counterclaim seeking repayment of $162,000, which represented the outstanding balance of a recruiting loan.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, KEVIN JOSEPH CARROLL has been in the securities industry for 23 years and was listed with 8 firms.  Carroll has 5 disclosures listed on his FINRA CRD report. He was discharged by LPL in July of 2021, amid allegations that he “Effectuated securities transactions in customers' accounts without written authorization, resulting in receipt of verbal customer grievances.” Carroll denies the allegations.

If you or an elderly loved one have suffered financial losses due to the actions or recommendations of financial advisor/broker, KEVIN JOSEPH CARROLL, formerly with Wells Fargo and LPL Financial of Glastonbury, Connecticut, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.