Donovan Thomas Kelly of Billings, Montana, a stockbroker currently registered with Independent Financial Group, has been fined $10,000.00 and suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Kelly engaged in private securities transactions when he was registered with Independent Financial Group. Letter of Acceptance, Waiver, and Consent No. 2020067520001 (March 16, 2022).
According to the AWC, from April of 2016 to July of 2018, Kelly engaged in selling away activities when employed by Independent Financial Group. Kelly’s activities included making investment recommendations to nineteen investors regarding promissory notes purchases. The AWC states that the promissory notes were issued by an oil and gas drilling company.
Kelly helped customers invest, as he summarized the opportunity for them and helped facilitate some investors’ purchases through effecting sales of securities held in investors’ Independent Financial Group accounts. The AWC states that 16 customers and three other investors collectively invested $688,000.00 in the oil and gas drilling company.
FINRA states Kelly failed to tell Independent Financial Group about his activities. He was also issued attestation forms which called upon Kelly to disclose if he engaged in any selling activities. Kelly falsely responded to those attestations.
Kelly has been registered with Independent Financial Group as a stockbroker since January 9, 2012, and as an investment adviser representative since January 13, 2012.
