Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors Settle Suitability Claim Against Spartan Capital Securities

stockbroker misconduct

Joseph Kelly (also known as Joe Kelly), of New York, New York, a stockbroker registered with Spartan Capital Securities LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $94,750.00 in damages based upon allegations that Kelly made misrepresentations of material fact and made unsuitable recommendations of investments when Kelly was associated with Spartan Capital Securities LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03740 (February 22, 2022).

FINRA Public Disclosure shows that Kelly is referenced in three other customer initiated investment related disputes concerning Kelly’s conduct while associated with securities broker dealers, including Spartan Capital Securities LLC. On November 1, 2017, a FINRA securities arbitration claim involving Kelly’s conduct was settled for $225,365.00 in damages based upon allegations that Kelly made misrepresentations of material fact and engaged in excessive trading in stocks. FINRA Arbitration No. 16-00839.

On December 10, 2021, a customer filed an investment related FINRA securities arbitration claim involving Kelly’s conduct in which the customer requested $844,107.44 in damages based upon allegations that Kelly churned the customer’s account, made unsuitable recommendations, breached his fiduciary duties, made misrepresentations of material fact, engaged in unauthorized trading, and failed to supervise certain registered representatives in connection with the sale of private placements. FINRA Arbitration No. 21-02950.

Kelly was also referenced in a FINRA securities arbitration claim that was settled for $30,000.00 in damages based upon allegations that Kelly made unsuitable recommendations and churned the customer’s account in connection with the sale of over-the-counter equities. FINRA Arbitration No. 18-03407 (December 16, 2021).

Kelly was associated with Spartan Capital Securities LLC in New York, NY, as a stockbroker from January 8, 2013, to February 27, 2016, and has been reassociated with the securities broker dealer since January 13, 2017.