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INVESTOR ALERT: HD Vest Investment Services Financial Advisor, Frank Kelly, Suspended By FINRA For Three Months For Unlawful Sales Practices

Frank H. Kelly is a Financial Advisor at HD Vest Investment Services in New Cumberland, PA.  Frank Kelly has been in the securities industry since 1991 and previously worked at G.R. Phelps & Co, Inc.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 30, 2019, Frank Kelly was sanctioned by FINRA, suspending him from associating with any brokerage firm for three months and fining him $5,000.    

The allegations of the FINRA sanction are as follows, “Without admitting or denying the findings, Kelly consented to the sanctions and to the entry of findings that he engaged in an unauthorized trade in a customer’s account.  The findings stated that the sale would have caused the customer to suffer a realized loss of $1,010, had the customer not detected the trade and complained to Kelly’s member firm, which then reversed the trade.  The findings also stated that Kelly exercised discretion in the account of customers, when responding to their requests to disburse funds from their accounts.  Although the customers had given Kelly implied authority to exercise discretion in their accounts, none of the customers had provided prior written authorization and he did not obtain written authorization from his firm to make trades in the accounts on a discretionary basis.  Kelly’s use of discretion is aggravated by instances where he liquidated positions in a sum materially greater than the dollar amount requested by the customer and by the inaccurate annual attestation he submitted denying that he had used discretion.”

For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2016051149101%20Frank%20H.%20Kelly%20CRD%202028226%20AWC%20va.pdf

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Frank Kelly is the subject of four customer complaints alleging:

  • April 2019 – “The client alleged he was led to believe that the products into which he invested were suitable.  He further alleged he received poor advice and that the products were not suitable.”  That matter is currently pending.
  • October 2017 – “Clients allege the representative did not inform them of the margin balance or margin interest associated with their account.”  That matter settled.
  • August 2005 – “UNSUITABLE INVESTMENTS.”  The matter settled for $99,000.
  • August 2005 – “LOSS DUE TO UNSUITABLE INVESTMENTS.”  The matter settled for $50,000.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.  

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, 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.

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