Soreide Law Group wants to share some important information with you in regard to securities broker Kevin Mark Nevin (CRD#: 2460059, Edina, Minnesota). Evidently, Nevin worked for firms Sandlapper Securities (2015 to 2019) and Dempsey Lord Smith LLC (2019 to 2021). FINRA BrokerCheck shows that Nevin has three regulatory sanctions on his record. Those are from FINRA and are all based upon allegations of Nevin’s misconduct. In addition, five investors filed disputes about Nevin’s sales practices. Here’s more on these disclosures.
In July 2021, FINRA issued a suspension to Kevin Nevin as securities broker. This regulatory action is based on FINRA’s allegations of Nevin failing to pay an Arbitration Award. This Award, which a FINRA Arbitrator issued in May 2021, comes after the Arbitrator found in favor of the client over claims of sales practice violations.
Supposedly, Nevin breached a fiduciary duty to the client. Secondly, Nevin appears to have acted negligently and violated South Dakota Uniform Securities Act, according to the Arbitrator. These allegations relate to Nevin purportedly recommending risky, illiquid and expensive investments. In addition, the claim alleges inadequate due diligence for investments purchased by the client which led to damages. Supposedly, Nevin either failed to pay the $580,863 in damages awarded by the Arbitrator or has not confirmed whether he complied with his obligations.
Also, ten days after Kevin Nevin was suspended, FINRA barred him in all capacities. It appears that FINRA asked Nevin for information in 2021 and Nevin did not respond. Following a brief period in which Nevin was suspended, FINRA converted his status to barred. This is because of Nevin not cooperating during the period of his suspension or asking for the suspension to end. Because of this bar, Nevin cannot be a securities broker for any FINRA member firms effective July 30, 2021 (most major securities brokerages in the United States are FINRA-member firms).
Evidently, a client of Sandlapper Securities took aim at Kevin Nevin’s sales practices. In this March 2020 FINRA Arbitration Claim, the client contends that they invested in unsuitable direct investments because of Nevin. Supposedly, the client invested in direct participation programs (also known as DPPs) or limited partnerships (LPs) and incurred damages. For this reason, the client demanded $400,000 in this ongoing matter.
Moreover, Kevin Nevin worked for VSR Financial Services before joining Sandlapper Securities. Evidently, a client of VSR Financial Services brought a lawsuit in 2016 over promissory notes. First of all, the client alleged that Nevin sold unsuitable investments to them. Secondly, Nevin is accused of breach of contract and a breach of fiduciary duty in connection with the investments that the VSR Financial Services client made. Evidently, this matter settled in June 2018.
Prior disputes about Kevin Nevin contain allegations including misrepresentation, negligence and violation of securities laws. Evidently, these disputes concern Nevin’s actions at VSR Financial Services. It appears that two of those disputes resulted in compensation provided to clients via settlements. However, the third dispute was withdrawn by the client.
Did securities broker Kevin Nevin cause you to experience losses at Dempsey Lord Smith or at Sandlapper Securities? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Nevin denies all allegations of his sales practice violations.
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