Kelly Clayton Althar, a former broker from California, was barred from the industry by the Financial Industry Regulatory Authority (FINRA). He allegedly made unsuitable recommendations and engaged in excessive trading in accounts held by an elderly client. FINRA found that he engaged in high-volume trading to generate commissions and over-concentrated his client’s accounts in risky securities, despite the fact that the client wanted low-risk investments and was close to retirement. Althar then used a trading strategy that all but wiped out the bulk of the client’s net worth and retirement savings. He also allegedly excessively traded her accounts. A broker has an ironclad obligation to only recommend and sell those securities that are suitable for his clients by taking into account their age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be held liable for losses on a contingency fee basis in the FINRA arbitration process. Please call our Chicago-based securities law firm today to find out how you may be able to recover your investment losses with a no-cost, no-obligation consultation with one of our attorneys today.
According to his online FINRA BrokerCheck public record, Althar was registered with Pruco Securities in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services Co. in Wellesley Hills, Massachusetts from October 1996 until May 1997, ML Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition. He has been barred from the industry. 312-332-4200.
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