February 13, 2017 Comments (0) Current Investigations

Kelly Althar Barred from the Securities Industry

Cole Collateralized Senior Notes IV
(Last Updated On: February 13, 2017)

Concerned about Investment Losses with Kelly Althar?

According to FINRA, Kelly Althar has been barred from the securities industry.

Between April 2011 and March 2014 Kelly Althar allegedly made unsuitable recommendations and engaged in excessive trading in two accounts held by an elderly customer. FINRA alleges Althar engaged in high volume trading to generate commissions and over concentrated his customer’s accounts in risky securities, despite the fact that his customer was close to retirement and wanted only low risk investments. FINRA further states Althar’s trading allegedly decimated his customer’s accounts, which constituted the bulk of her net worth and retirement savings.

For FINRA’s full findings see FINRA case # 2014041137501.

According to FINRA BrokerCheck, Althar was registered with Paulson Investment Company in Novato, CA from 12/18/2015 – 05/27/2016. Prior to that, he worked for Financial West Group in San Francisco, CA from 04/05/2011 – 12/11/2015. Althar has five disclosures listed on his Broker Report including two customer complaints that allege unsuitable and frequent trades, a bankruptcy filing, and criminal charges in 2003.

Recovery of Investment Losses

Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning, that violate securities laws and regulations.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you suffered losses investing with Kelly Althar, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.