The Soreide Law Group, (888) 760-6552, obtained this summation of information located on FINRA’s website under “Disciplinary and Other FINRA Actions, March, 2014.”
Jack Richard Kelly (CRD #1994768, Registered Principal, Millington, Tennessee)
was barred by FINRA for allegedly converting $85,000 from his clients. FINRA's findings said a client gave Jack Kelly checks totaling $40,000 that were to be invested in a fund which Kelly had said would provide 7 percent interest.
The $40,000 came from a fund that was to provide for the client's disabled sister. Rather than invest the $40,000 in the account in which Kelly promised a high-yield, Kelly converted the funds for his own personal use.
Additionally, FINRA's findings stated that an elderly client gave Kelly $45,000 to invest in a fund that Kelly had represented would also produce 7 percent interest. Kelly converted the funds from the client to his own personal use, instead of investing the $45,000 from the client.
(FINRA Case #2013037708301)
Jack Richard Kelly was previously registered with the following FINRA firm(s):
PFS INVESTMENTS INC. (CRD# 10111) - WATERLOO, IA
12/1989 - 07/2013
The summation of information available on FINRA's website ends here.
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