Shane Jason Kelly of Port Saint Lucie Florida a stockbroker formerly registered with LPL Financial LLC had been suspended with associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Kelly failed to provide FINRA with a response to its request for his information. Case No. 2017054666601 (Jan. 29, 2018). But the suspension was lifted on March 23, 2018.
FINRA Public Disclosure confirms that Kelly was notified about his impending suspension on January 3, 2018 and had been suspended by FINRA in all capacities on January 29, 2018. Kelly was expected to be automatically barred by FINRA on April 6, 2018 if he failed to submit a request for his suspension to be lifted.
Kelly had been identified in four customer initiated investment related disputes pertaining to accusations of his wrongdoing during the time that he was employed by LPL Financial LLC, PNC Investments, and SunTrust Investment Services, Inc. On February 28, 2012, a customer filed an investment related complaint involving Kelly’s activities where the customer sought $20,000.00 in damages supported by allegations that Kelly failed to apprise the customer about the tax liabilities pertaining to the surrender of a variable annuity. One might be surprised if such a claim had any merit.
However, on February 18, 2016, another customer initiated investment related complaint regarding Kelly’s conduct was resolved for $38,000.00 in damages based upon accusations that unit investment trust and fixed annuity transactions were not suitable for the customer. FINRA Arbitration No. 16-00259 (May 16, 2016).
Then, on July 20, 2017, a customer initiated investment related complaint concerning Kelly’s activities was settled for $18,743.00 in damages founded on allegations that unauthorized and excessive corporate debt trades had been executed in the customer’s account.
Thereafter, Kelly was discharged from LPL Financial LLC on May 18, 2017 supposedly based upon by accusations that he traded corporate bonds and unit investment trusts in customer accounts on a short-term basis.
On August 17, 2017, Kelly was discharged from IFP Advisors, Inc. based upon allegations of his short-term trading activities.
(I am going to guess that the transactions at issue were effected on a principal basis with an undisclosed mark-up or mark-down from a proprietary or shared firm account, instead of as agent showing a fully disclosed commission, as unfortunately presently permitted under the rules).
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