Kevin Marshall McCallum of Birmingham Alabama a stockbroker formerly registered with LPL Financial LLC is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought $4,800,000.00 in damages based upon allegations of the stockbroker making unsuitable trades involving closed end funds during the period that he was registered with LPL Financial LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03840 (Dec. 8, 2020). The claim alleges that between October of 2017 and December of 2018, discretionary trades were made by McCallum and he concentrated the customer’s assets in a non-diversified fund.
FINRA Public Disclosure confirms that McCallum has been identified in four more customer initiated investment related disputes concerning accusations of his misconduct while he was associated with LPL Financial and NBC Securities. He has been referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested more than $5,000.00 in damages founded on allegations that their assets were unsuitably concentrated in Medley Capital Corporation between October of 2018 and December of 2018 because of McCallum. FINRA Arbitration No. 20-03421 (Oct. 8, 2020).
Another customer filed an investment related FINRA securities arbitration claim regarding McCallum’s conduct in which the customer sought more than $5,000.00 in damages supported by accusations of inappropriate investment recommendations by the stockbroker as it pertained to Medley Capital Corporation. FINRA Arbitration No. 20-03590 (Nov. 5, 2020). The claim alleges that the customer’s account was concentrated heavily in Medley between February of 2018 and December of 2018.
McCallum is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $500,000.00 in damages based upon allegations of unauthorized margin use and unsuitable fraudulent transactions having been executed in the NBC Securities customer’s account. The claim alleges that the customer experienced damages from unsuitable exchange traded funds, options and mutual funds transactions. FINRA Arbitration No. 19-01028 (Jan. 4, 2021).
On January 4, 2021, a customer initiated investment related FINRA securities arbitration claim concerning McCallum’s conduct was settled for $70,000.00 in damages founded on accusations that the stockbroker’s purchase of Medley Capital Corporation shares for the customer’s account was unsuitable and unauthorized. FINRA Arbitration No. 19-03448. According to the claim, more than half of the customer’s account had been concentrated in that issuer.
McCallum’s registration with LPL Financial has been terminated on July 5, 2019.
