- October 4, 2022
- Morgan Stanley
Doug McKelvey (CRD#: 4502849) is a previously registered Broker and previously registered Investment Advisor.
He entered the securities industry in 2002 and previously worked for Morgan Stanley; Citigroup Global Markets, Inc.; UBS Financial Services, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2022, FINRA sanctioned Doug McKelvey, barring him permanently from all capacities indefinitely, beginning August 26, 2022. The FINRA sanction states, “Without admitting or denying the findings, McKelvey consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA. The findings stated that this matter originated from a Uniform Termination Notice for Securities Industry Registration (Form U5) filed by McKelvey’s member firm stating that he had been discharged because of concerns regarding his unauthorized activity and misappropriation of client funds from client accounts, which were held by his relatives.”
For a copy of the FINRA sanction, click here.
In addition, Doug McKelvey has been the subject of two customer complaints and an employment disclosure, including one that remains pending, including the following:
- May 2022 — “Claimant alleges, inter alia, FA misappropriated funds from Claimants’ accounts – 2016 to 2022.” The customer dispute is pending.
- April 2022 — “Allegations regarding representative’s unauthorized activity and misappropriation of funds from client accounts, which were held by relatives of the representative.” Doug McKelvey was discharged from Morgan Stanley.
- July 2008 — “THE COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008.” The customer dispute was settled for $175,000.
For a copy of Doug McKelvey’s FINRA BrokerCheck, click here.
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