- November 3, 2018
- Capital Financial Services
- Center Street Securities
The Wolper Law Firm is currently investigating claims against Sean Kelly, a former Financial Advisor at Center Street Securities and Capital Financial Services in Marietta, Georgia. Sean Kelly has been in the securities industry since 2000 and previously worked at Securities America.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 30, 2018, the SEC filed an enforcement action against Sean Kelly, alleging that he defrauded customers out of more than $1 million. The SEC’s press release summarizing the alleges:
“The SEC’s complaint alleges that Sean Kelly used his companies, Lion’s Share Financial of East Cobb, Inc., Lion’s Share & Associates, Inc., and Lionsshare Tax Services, LLC, to raise at least $1 million from 12 investors, including elderly retirees, promising that he would invest their funds in a variety of investment products including private placements and real estate funds. Rather than investing the money, Kelly spent it on personal expenses including Super Bowl tickets, luxury vacations, and cash withdrawals. As alleged, Kelly continued to steal money from investors even after having received an SEC subpoena, and did not show up for his scheduled testimony after informing the SEC’s staff that he would show up and “come clean.”’
For a full copy of the SEC Complaint, click https://www.sec.gov/litigation/complaints/2018/comp24328.pdf
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. With respect to Sean Kelly, his employing brokerage firm had a duty to conduct due diligence regarding the sales practices of their representative and take reasonable steps to protect the investing public, including its customers.
If you or someone you know was a customer Sean Kelly and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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.