• October 4, 2022
• Morgan Stanley

Doug McKelvey (CRD#: 4502849) is a previously registered Broker and previously registered Investment Advisor.

Broker’s Background

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.

We Help Investors Recover Investment Losses

FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.