Kevin Mark Nevin of Edina Minnesota a stockbroker formerly associated with Sandlapper Securities LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $400,000.00 in damages supported by allegations that the customer had been placed into direct participation program interests or limited partnership interests that failed to be suitable during the period in which Nevin was employed by Sandlapper Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00983 (Mar. 30, 2020).
Nevin has been identified in four additional customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by VSR Financial Securities and Capital Guardian LLC. FINRA Public Disclosure reveals that a customer filed an investment related complaint in reference to Nevin’s conduct where the customer sought $73,000.00 in damages based upon accusations that the VSR Financial Services customer had been provided bad investment advice in regard to direct investments and that the customer’s investments poorly performed.
Nevin is the subject of a customer initiated investment related arbitration claim which settled for $361,250.00 in damages based upon allegations of negligence and breach of fiduciary duty as it pertained to the customer’s alternative investments including real estate securities and oil and gas securities. According to the claim, misrepresentations had been made to the customer and the customer had been defrauded. The claim also alleges the violation of Minnesota Securities Act.
Another customer initiated investment related arbitration claim concerning Nevin’s activities was resolved for $35,000.00 in damages founded on accusations of the violation of Minnesota securities laws as it pertained to annuities sold to the customer while Nevin was employed by Capital Guardian and VSR Financial Services. The claim alleges that the policies failed to be suitable for the customer and that Nevin was negligent. According to the claim, the customer fell victim to fraud and financial abuse.
On June 7, 2018, another customer initiated investment related arbitration claim pertaining to Nevin’s conduct was settled for $50,000.00 in damages supported by allegations of the violation of fiduciary obligations by the stockbroker and the breach of a contract relating to a promissory note purchase facilitated during the period in which the stockbroker was employed by VSR Financial Services. FINRA Arbitration No. 16-01993. The claim also alleges that the customer was placed into bad investments including Breakwater Capital Group II LLC. The customer had allegedly been defrauded.
FINRA Public Disclosure also reveals that Nevin has been fined $37,000.00 and suspended for six months from associating with any FINRA member in any capacity based upon findings that Nevin engaged in unapproved private securities transactions during the time that he was associated with VSR Financial. Letter of Acceptance Waiver and Consent No. 2012031950301.
According to the AWC, Nevin took part in 11 transactions totaling $690,000.00 in investment purchases that occurred outside the auspices of VSR Financial Securities. The stockbroker neglected to provide VSR with information in regard to private placements involving South Platte Land and Water, Yokam Land Holdings and Breakwater Capital Group LLC. Those transactions enabled Nevin to generate $37,000.00 in commissions. FINRA determined that Nevin’s activities were not approved or supervised by the securities broker dealer and that his transactions were not placed on VSR’s records and books. Nevin’s conduct was violative of FINRA Rules 2110 and National Association of Securities Dealers (NASD) Rule 3040.
Nevin’s employment with Sandlapper Securities was terminated on May 20, 2019. Since May 21, 2019, the stockbroker has been employed by Dempsey Lord Smith LLC.
