Published On: February 13, 2017

According to recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Kelly Clayton Althar was accused of making unsuitable investment recommendations and engaging in excessive trading in the account of an elderly customer. This conduct occurred between April 2011 and March 2014. Althar concentrated the customer’s account in risky securities and high volume trading, when the customer was close to retirement and only wanted low risk investments. The customer lost most of her net worth and retirement savings because of this conduct. A broker must take into account a customer’s net worth, age, and investment objectives before recommending or selling a security. If he does not, his brokerage firm may be held liable for investment losses.

Althar was registered with Pruco Securities, Sun Investment Services, M.L. Stern, Southwest Securities, Financial West Group in San Francisco, California 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 disposition. He is not currently registered with any member firm and has been permanently barred from the industry by FINRA. Please call our Chicago-bases law offices at 312-332-4200 to speak to an attorney about your losses with Kelly Althar. We may be able to help you bring a claim against his former firm, WFG, in the FINRA arbitration forum on a contingency fee basis. The call is free with no obligation.

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