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Spartan Capital Securities Broker Joseph Kelly Is Accused of Making Unsuitable Investment Recommendations

New York Stockbroker is Named in Multiple Customer Disputes

If you suffered substantial losses from investments recommended to you by Spartan Capital Securities broker Joseph Kelly, you may have grounds for filing a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. 

Kelly, who is based in New York, is the subject of three pending customer complaints seeking damages. He has been with Spartan Capital Securities since 2017 and before that from 2013 to 2016. At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our New York securities fraud attorneys would be happy to offer you a free case assessment. Contact us at (716) 261-3529 today.

Excessive Trading and Misrepresentations Are Alleged

According to his BrokerCheck record, Joseph Kelly has worked in the securities industry for 17 years. During this time, there have been four customer disputes involving him, one of which was settled for over $225K. The claimant in that securities case alleged excessive trading and misrepresentations.

Here are the still pending investment fraud cases:

  • September 2018: Alleging unsuitability and churning, the customer is requesting over $1.08M in damages.
  • January 2020: The claimant, accusing Kelly of unsuitable recommendations and misrepresentations, is seeking more than $529K in damages. 
  • July 2020: In this unsuitable investment case, the customer is requesting $50K in damages.

Other firms where Joseph Kelly has been a registered broker are PHX Financial, National Securities, John Thomas Financial, which FINRA expelled in 2013, Prestige Financial Center, which was expelled in 2011, Empire Asset Management, Aura Financial Services, and First Montauk Securities. 

Broker-Dealer Negligence: The Importance of Working with Securities Fraud Attorneys 

Brokerage firms can be held liable for the losses experienced by their customers if their failure to properly supervise their registered representatives contributed to or enabled the financial harm. 

For 30 years, our securities fraud attorneys have fought for investors all over the US in recovering the losses they sustained because a registered representative made an unsuitable investment recommendation, left out or misrepresented key information about an investment or strategy, overconcentrated their account in securities that were too risky, engaged in excessive trading, or misappropriated their funds. 

Shepherd Smith Edwards & Kantas has the experience, skills, and resources to go up against even the largest firms on Wall Street and maximize our clients’ chances of recouping their losses. Call our New York investment fraud law firm at (716) 261-3529.

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