Soreide Law Group is investigating possible investor claims against securities broker Kevin McCallum AKA Kevin Marshall McCallum [CRD#: 2222586, Birmingham, AL]. Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck discloses that investors disputed the sales practices of the securities broker, who worked for LPL Financial. Notably, investors allege sales practice violations in these disputes, including that McCallum made unsuitable transactions. Here is a brief summary of the disclosures about McCallum.
Evidently, on April 19, 2022, an LPL Financial client filed FINRA Arbitration #: 22-00841 about Kevin McCallum. Notably, the client alleged that McCallum made unsuitable transactions. Because of this, the client sustained damages on closed-end funds. Therefore, the client requested $1,112,145.79 in compensation from LPL Financial or McCallum. Evidently, this arbitration is pending a resolution.
Also, a client of LPL Financial contested Kevin McCallum’s sales practices by filing FINRA Arbitration #: 22-00132 on December 14, 2021. Allegedly, McCallum made unsuitable transactions. Supposedly, the closed-end funds which McCallum sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from LPL Financial or McCallum in the amount of $725,650 in this ongoing matter.
Also, an LPL Financial client filed a complaint about Kevin McCallum. Namely, the client alleged that McCallum overconcentrated the client’s account. Because of this, the client sustained damages on closed-end funds. Therefore, on December 13, 2021, LPL Financial settled this matter by paying the client $13,000.
Evidently, a client of LPL Financial contested Kevin McCallum’s sales practices by filing FINRA Arbitration #: 21-01894 on July 26, 2021. Allegedly, McCallum made unsuitable transactions. Supposedly, the closed-end funds which McCallum sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from LPL Financial or McCallum in the amount of $4,000,000 in this ongoing matter.
Also, an LPL Financial client filed FINRA Arbitration #: 20-03840 about Kevin McCallum. Namely, the client alleged that McCallum made unsuitable transactions. Because of this, the client sustained damages on closed-end funds. Therefore, on November 17, 2020, LPL Financial settled this matter by paying the client $1,900,000.
Additionally, on June 17, 2021, FINRA issued Case #: 2019062569501 sanctioning Kevin McCallum for infractions. Specifically, FINRA imposed a one-year suspension and a $25,000 fine. Notably, FINRA alleged that McCallum made unsuitable recommendations.
Supposedly, from May 2017 through June 2019, while associated with LPL Financial LLC, McCallum made unsuitable recommendations to 12 clients. These recommendations resulted in their overconcentration in a high-risk, publicly traded business development company (BDC).
Specifically, McCallum recommended investment in a particular BDC that had a magnified risk of loss due to the BDC borrowed money, and the illiquidity of the BDC's investment would make it difficult for the BDC to sell its investments if necessary. The BDC was also exposed to an interest rate risk that could negatively affect its investment returns. Ultimately the BDC’s net asset value dropped steadily between May 2017 and June 2019. During that time, McCallum’s recommendations caused 12 clients to concentrate as much as 60% of their liquid net worth in the BDC. These recommendations resulted in realized losses of $1,222,092.29 for the clients that sold their positions.
Further, McCallum sent emails to firm clients concerning the BDC that contained exaggerated and unwarranted claims, forecasts, opinions, and did not give a balanced and fair assessment of the benefits and risks of the investment. McCallum violated FINRA Rules 2010 and 2210.
Kevin McCallum worked for LPL Financial in Birmingham, AL, as a securities broker from May 24, 2012 to July 5, 2019.
Have you suffered damages because of securities broker Kevin McCallum? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors throughout the United States, represents clients on a contingency fee basis and advances all costs. McCallum and brokerage firms McCallum was employed by deny any and all allegations of sales practice violations.
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