National Securities Corp Clients Indicate Thomas Kelly Made Unauthorized Trades

Investor disputes are piling on for securities broker Thomas Kelly (CRD#: 2877415, New York, New York). Specifically, Financial industry Regulatory Authority (“FINRA”) shows that no less than 13 investors disputed Kelly’s sales practices. Notably, these investor disputes, which primarily come from clients of National Securities Corp (Kelly’s employer from 2008 to 2018), suggest that Kelly gave bad investment advice, traded without his clients’ consent, and breached a fiduciary duty. Here’s more on some of the recent disputes:

National Securities Corp Client Alleges Kelly Made Unauthorized Trades

A client of National Securities Corp brought FINRA Arbitration #: 19-00301 regarding Kelly’s sales practices. Namely, the client alleged that Kelly engaged in unauthorized trading in the client’s investment account. Not only that, but Kelly supposedly made unsuitable stock trades. Potentially, Kelly failed to consider the client’s risk tolerance or investment objectives. Because of Kelly’s allegedly unauthorized and unsuitable trading, the client demanded $4,200,000 in compensation. This March 25, 2019 dispute is currently ongoing.

Client Of National Securities Corp Indicates Thomas Kelly Made Unsuitable Stock Trades

Evidently, on November 1, 2018, a second National Securities Corp client brought FINRA Arbitration #: 18-03719. First of all, the client indicated that Thomas Kelly’s trading was unreasonable and inappropriate. It seems that the client took issue with Kelly’s trading of OTC equities and stocks which poorly performed. Secondly, Kelly supposedly traded without authorization. Thirdly, the client alleged that Kelly breached a fiduciary duty, placing his interests ahead of the client’s. Finally, the client suggested that Kelly acted negligently when recommending or facilitating transactions or otherwise managing the client’s account. For this reason, the client demanded $500,000 in this pending matter.

National Securities Corp Resolves Client Complaint Alleging Kelly’s Misrepresentation

Additionally, FINRA shows that on October 1, 2018, a client of National Securities Corp filed FINRA Arbitration #: 18-06639. Namely, the client suggested that Thomas Kelly misrepresented important information in connection with the client’s equity trades. Also, similarly to the other clients, this client indicated that Kelly acted negligently and breached a fiduciary duty. It appears that Kelly failed to place the client’s interests first, and the broker negligently recommended or traded equities. Because of this, National Securities Corp opted to settle the matter by paying the client $30,000.

Losses Due To Thomas Kelly’s Allegedly Unauthorized Or Unsuitable Trading?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing in inappropriate investments because of Thomas Kelly, who is now an Aegis Capital Corp securities broker? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.