Kevin McCallum Medley Capital Corp Disputes

LPL Investors Take Issue With Kevin McCallum's Medley Capital Corp Investment Recommendations

The Financial Industry Regulatory Authority (“FINRA”) reports new information in regard to securities broker Kevin Marshall McCallum (CRD#: 2222586, Birmingham, Alabama). Namely, five investors brought disputes in regard to this securities broker, who worked for LPL Financial LLC from May 2012 to July 2019. Here’s a summary of the allegations that investors made in these disputes.

Glacier Point Advisors LLC Client Alleges Unsuitable Recommendations In Dispute About Kevin McCallum

Evidently, a client of Glacier Point Advisors brought an Arbitration Claim about McCallum in February 2021. Specifically, the client alleges that from August 2019 to October 2019, McCallum made unsuitable recommendations. It appears that the broker recommended closed end funds that caused the client to experience damages. Not only that, but the client indicated that McCallum overconcentrated their account. For this reason, the client demanded compensation in this ongoing matter.

LPL Financial Client Alleges That McCallum Gave Bad Advice

Notably, an LPL Financial client referenced Kevin McCallum through a December 2020 FINRA Arbitration Claim. Similar to the first dispute, this client alleges unsuitable investment recommendations by McCallum. Supposedly, the financial advisor concentrated the client’s assets in a closed end management company. This non-diversified investment supposedly ran contrary to the client’s investment objectives. For this reason, the client seeks $4,800,000 in compensatory damages. This matter is ongoing.

Client Of LPL Financial Alleges Kevin McCallum Improperly Recommended Medley Capital Corporation

Also, a client of LPL Financial filed an October 2020 lawsuit over Kevin McCallum’s recommendations. Particularly, the client supposedly invested in Medley Capital Corporation when this did not align with their suitability profile. For the alleged unsuitable advice and concentration problems, the client expects compensation in this ongoing matter.

McCallum Accused Of Unauthorized Trading In LPL Financial Client’s Account

Moreover, in a November 2019 FINRA Arbitration Claim, a client alleges that Kevin McCallum made unauthorized purchases of Medley Capital Corporation. Supposedly, the broker had the client invest more than half of their account in Medley Capital Corporation too. It seems that McCallum caused the client to incur losses because of these equity transactions. For this reason, the client received $70,000 in a January 2021 settlement.

LPL Financial Client Alleges Unauthorized Margin Use By Kevin McCallum

In the first dispute reported on Kevin McCallum’s BrokerCheck report, a client of LPL Financial and NBC Securities alleges unsuitable and risky investments. In addition, they allege that McCallum used margin without authorization. It appears that the client incurred damages on stocks, mutual funds, options and exchange traded funds. Because of this, LPL Financial chose to settle this matter through paying the client $500,000.

Did You Experience Losses By Investing Through McCallum?

Have you sustained damages because of Kevin McCallum? If so, touch base with Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery. Soreide Law Group represents clients on a contingency fee basis. We advance all costs. The firm has recovered millions of dollars for investors who have sustained losses due to misjudgments by financial advisors and securities brokers. FINRA BrokerCheck indicates that McCallum denies accusations of his sales practice violations.
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