Keith Lawton James Connolly, of Syosset, New York, a stockbroker currently registered with J.D. Nicholas & Associates, Inc., has been named in a customer initiated investment related arbitration claim, which settled on July 20, 2016, for $43,976.90 in damages based upon allegations that Connolly effected unsuitable equity transactions in the customer’s account, overconcentrated the customer’s investment portfolio, churned the customer’s account, and negligently managed the customer’s account. The customer additionally alleged that J.D. Nicholas & Associates, Inc. failed to supervise Connolly’s conduct.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Connolly has been named in twelve additional customer initiated investment related disputes regarding allegations of Connolly’s misconduct while employed with J.D. Nicholas & Associates, Inc., A&F Financial Securities, Inc., New Castle Financial, Harrison Securities Inc., Stratton Oakmont, Inc., Continental Broker Dealer Corp., Vision Securities, and Whitehall Wellington Investments.
Particularly, on June 21, 1999, a customer initiated investment related arbitration claim involving Connolly’s conduct was settled for $38,000.00 in damages based upon allegations that Connolly negligently handled the customer’s investment account, and breached his fiduciary and contractual duties to the customer. Subsequently, on January 15, 2003, a customer initiated investment related complaint regarding Connolly’s activities was settled for $25,000.00 in damages based upon allegations that Connolly effected unauthorized equity trades in the customer’s account.
On March 10, 2004, a customer initiated investment related arbitration claim involving Connolly’s conduct was resolved for $37,500.00 in damages based upon allegations that Connolly charged the customer excessive commissions, failed to abide by the customer’s instructions, effected transactions which were not suitable, and placed equity trades in the customer’s account without authorization.
On August 28, 2006, another customer initiated investment related arbitration claim regarding Connolly’s activities was resolved for $3,166.00 in damages based upon allegations that Connolly effected an unauthorized equity trade in the customer’s account. Further, on July 23, 2007, a customer was awarded $2,732.60 in damages according to an investment related arbitration claim involving Connolly’s misconduct, based upon allegations that Connolly placed stock trades in the customer’s account without authorization.
Moreover, on January 15, 2010, a customer initiated investment related arbitration claim concerning Connolly’s activities was settled for $56,000.00 in damages based upon allegations that Connolly’s active trading strategy caused the customer to suffer from poor investment performance. On January 29, 2013, another customer initiated investment related written complaint involving Connolly’s conduct was resolved for $24,900.00 in damages based upon allegations that Connolly churned the customer’s account, placed equity trades in the customer’s account without authorization, omitted facts concerning investments, and mismanaged the customer’s investment portfolio.
Further, on December 16, 2015, a customer initiated investment related arbitration claim regarding Connolly’s activities was resolved for $450,000.00 in damages based upon allegations that Connolly failed to properly manage the customer’s brokerage accounts.
On July 10, 2015, Connolly’s registration with J.D. Nicholas & Associates, Inc. was terminated. Connolly has been registered with Aegis Capital Corp. since July 9, 2015. Since September 18, 1996, Connolly has been associated with fourteen different broker dealers, eleven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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