According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), MSI Financial Services broker Kelly Barnett allegedly used discretion in the accounts of five customers without written authorization or acceptance of the accounts as discretionary. Kelly Barnett also allegedly falsified notes of client contact. Barnett allegedly authorized discretion in the account of one of her customer’s who had died of a heart attack two days before. He placed two additional trades in his account for the purchase of a UIT and the sale of an ETF. The customer had not given Barnett written authorization to do so before his death. In addition, Kelly Barnett also exercised discretion in four additional customer accounts without a written grant of authorization and without having the accounts accepted as discretionary between January 2014 and November 2015. In total, Kelly Barnett executed 25 discretionary trades in the accounts of the four customers. For this misconduct, he was fined $15,000 and suspended from the industry for six months.
Kelly Marvin Barnett was previously registered with B.B. Graham & Company, Morgan Stanley, Morgan Stanley & Co. Inc., Edward Jones in Sarasota, Florida from February 2009 until August 2012, MetLife Securities in Sarasota from August 2012 until December 2015, and FSC Securities Corp in Sarasota from January 2016 until April 2018. He has one criminal disposition against him, and an employment separation after allegations, according to his FINRA BrokerCheck report, online. He is not currently registered as a broker within the industry. If you or someone you know suffered losses with Kelly Barnett and would like to speak to an attorney about your losses, please call us today for a free consultation. Attorneys are standing by.
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