Concerned about Investment Losses with Kelly Althar?
According to FINRA, Kelly Althar has been barred from the securities industry.
Between April 2011 and March 2014 Kelly Althar allegedly made unsuitable recommendations and engaged in excessive trading in two accounts held by an elderly customer. FINRA alleges Althar engaged in high volume trading to generate commissions and over concentrated his customer’s accounts in risky securities, despite the fact that his customer was close to retirement and wanted only low risk investments. FINRA further states Althar’s trading allegedly decimated his customer’s accounts, which constituted the bulk of her net worth and retirement savings.
For FINRA’s full findings see FINRA case # 2014041137501.
According to FINRA BrokerCheck, Althar was registered with Paulson Investment Company in Novato, CA from 12/18/2015 – 05/27/2016. Prior to that, he worked for Financial West Group in San Francisco, CA from 04/05/2011 – 12/11/2015. Althar has five disclosures listed on his Broker Report including two customer complaints that allege unsuitable and frequent trades, a bankruptcy filing, and criminal charges in 2003.
Recovery of Investment Losses
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Kelly Althar, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.
Tags: broker churning, Chicago broker fraud attorney, Chicago churning attorney, Chicago FINRA attorney, Chicago investment fraud attorney, Chicago securities attorney, Chicago securities lawyer, churning turnover ratio, Excessive brokerage fees, Excessive buying and selling securities, excessive financial advisor commissions, excessive financial advisor fees, Excessive stockbroker commissions, Excessive stockbroker fees, financial advisor account churning, financial advisor Churn & burn, financial advisor churning attorney, financial advisor churning lawyer, financial advisor Excessive commissions, Financial advisor Excessive fees, financial advisor Excessive transactions, Financial advisor frequent trades, Florida churning attorney, Florida churning lawyer, Frequent broker commissions, Frequent brokerage fees, how much trading is too much, Illinois churning attorney, Illinois churning lawyer, investment advisor account churning, investment advisor churn and burn, investment advisor excessive commissions, investment advisor excessive fees, investment advisor excessive transactions, investment advisor frequent trades, Kelly Althar, Kelly Althar attorney, Kelly Althar barred, Kelly Althar class action, Kelly Althar complaints, Kelly Althar financial advisor, Kelly Althar Financial west Group, Kelly Althar Finra, Kelly Althar investigation, Kelly Althar Investment losses, Kelly Althar lawsuit, Kelly Althar litigation, Kelly Althar losses, Kelly Althar Novato Ca, Kelly Althar Paulson Investment company, Kelly Althar recovery options, Kelly Althar San Francisco CA, Kelly Althar securities fraud attorney, Kelly Althar unsuitable trading, stockbroker Account churning, stockbroker churning and burn, stockbroker churning attorney, stockbroker churning lawyer, stockbroker excessive commissions, stockbroker excessive fees, stockbroker excessive transactions, Stockbroker frequent trades, Vero Beach securities attorney, Vero Beach securities lawyer, what is churning, what is excessive trading, what turnover ratio is considered churning Last modified: March 7, 2017
