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Aegis Capital Broker Accused by Investors of Negligence, Unsuitable Investments and Unauthorized Trading

Former National Securities Stockbroker Named in Over 12 Customer Disputes

Thomas Edison Kelly, Jr., an Aegis Capital broker, has been the subject of a number of customer complaints between 2013 and 2020, three of which are still pending. 

Prior to working for Aegis Capital in 2018, Kelly was a National Securities broker for 10 years. Before that, he was with First Republic Group from 1998 to 2008. First Republic was expelled by the Financial Industry Regulatory Authority (FINRA) in 2019. According to a 2017 Reuters report analyzing FINRA data, National Securities is one of 48 firms that hire brokers with red flags on their record.

Kelly has worked 22 years in the industry. According to Kelly’s BrokerCheck record, a  judgment/lien in the amount of almost $2.4M was made against him last month. Customer complaints against him that are still pending include those from:

  • March 2020: The customer is alleging unsuitability, breach of fiduciary duty, and breach of contract.
  • February 2020: Allegations include negligence, unsuitability, and misrepresentations and omissions.
  • January 2018: The customer, who is seeking $500K in damages,  is claiming unauthorized trading, unsuitability, breach of fiduciary duty, and negligence.

A few other customer claims against Kelly were closed due to a lack of action, and one dispute from 2012 was withdrawn. Eight customer disputes were settled. 

Many of those make similar allegations to the ones that are still pending, as well as excessive trading, false and misleading statements, violation of federal and state securities laws, mutual fund switching, excessive commissions, churning, or failure to execute.

Thomas Kelly also was a Northeast Securities broker and before that he was with  Nichols, Safina, Lerner, & Co. He is not the only Aegis Capital representative to be named in numerous broker fraud claims. 

Other Aegis Capital Brokers Accused of Fraud or Negligence by Customers

Aegis Capital financial advisor, Alan Zelig Appelbaum, has 16 disclosures on his BrokerCheck record including at least 12 customer disputes. Michael Fasciglione has been named in 13 customer complaints.  Paul Falcon has six investor disputes listed on his BrokerCheck. Falcon was suspended by FINRA for 30 days earlier this year.

Contact Our Stockbroker Fraud Law Firm 

If you or someone you know sustained investment losses while working with an Aegis Capital broker and you suspect stockbroker fraud or negligence was involved, please contact our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) today. We represent investors nationwide and have helped thousands to recoup their losses.

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