Sean Joseph Kelly of Marietta Georgia a stockbroker currently registered with Center Street Securities Inc. is the subject of an Order Instituting Administrative Proceedings initiated by Securities and Exchange Commission (SEC) in which SEC is seeking sanctions against Kelly which potentially include a bar from the securities industry since the stockbroker was permanently enjoined from engaging in violations of federal securities laws based upon allegations of Kelly defrauding investors. In the Matter of Sean Kelly Administrative Proceeding File No. 3-19323 (Aug. 7, 2019).
Specifically, Kelly has been fined $250,000.00, disgorged of ill-gotten gains and ordered to refrain from engaging in any activities violative of federal securities laws. Civil Action No. 1:18-cv-04939 (July 11, 2019). SEC’s Complaint alleged that between 2014 and 2018, more than $1,000,000.00 had been accumulated by the stockbroker from twelve investors through his false promises relating to investments through Lion’s Share Financial of East Cobb Inc., Lionsshare Tax Services LLC and Lion’s Share Associates Inc. SEC alleged that Kelly’s conduct was violative of Securities Act of 1933 Section 17(a), Securities Exchange Act of 1934 Section 10 (b), SEC Rule 10b-5, and Investment Advisers Act of 1940 Section 206(1) and (2).
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Kelly is the subject of four customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker was employed by securities broker dealers including Securities America Inc., Capital Financial Services Inc. and Center Street Securities. Specifically, on November 27, 2018, a customer filed an investment related complaint pertaining to Kelly’s conduct in which the customer requested $5,000.00 in damages supported by allegations that when Kelly was employed by Capital Financial Services, the customer was falsely told that there were certain guaranteed returns on a Jackson National annuity sold or recommended by the stockbroker.
Another customer filed an investment related complaint concerning Kelly’s activities on December 7, 2018 where the customer sought more than $5,000.00 in estimated damages founded on accusations that when Kelly was employed by Capital Financial Services, false or misleading statements had been made in regard to the terms and conditions of variable annuity investments. Kelly is also the subject of a customer initiated investment related complaint on September 13, 2019 where the customer sought $155,000.00 in damages based upon accusations of bad alternative investment recommendations being made to the customer when Kelly was associated with Center Street Securities.
Kelly’s registration with Center Street Securities was terminated on December 25, 2018.
