Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Broker Donovan Kelly Suspended for Recommending Private Placement Purchases

Did You Invest with IFG Broker Donovan Kelly?

Independent Financial Group broker and adviser Donovan Thomas Kelly has been suspended by the Financial Industry Regulatory Authority (FINRA) for violating securities rules after participating in private securities transactions. Kelly will serve a seven-month suspension and is ordered to pay a $10,000 fine. 

At Meyer Wilson, we have handled over 1,000 cases involving investment fraud and broker misconduct. Our attorneys work tirelessly to help aggrieved investors recover losses through arbitration and litigation. If you invested with Donovan Kelly or another broker that engaged in wrongdoing, contact our office at (614) 532-4576 for a free, no-obligation consultation. 

Donovan Kelly’s Alleged Misconduct

According to a Letter of Acceptance, Waiver, and Consent (AWC) available on Donovan Kelly’s BrokerCheck report, he engaged in private securities transactions without first giving his firm written notice about the transaction. Kelly (CRD: 2622366) is a registered broker with Independent Financial Group, LLC (IFG). 

Between April 2016 and July 2018, during his employment with IFG, Kelly reportedly participated in a securities transaction outside the regular course and scope of the firm in violation of FINRA Rule 3280. As noted in the AWC, Kelly recommended the purchase of promissory notes in an oil and gas drilling company to 19 investors. He not only recommended the investment, but he also arranged for investors to purchase the notes through their IFG accounts. 

Kelly did not provide notice to his employer prior to participating in these private securities transactions. Information about the placement purchases was received through a tip to FINRA Securities Helpline for Seniors. 

FINRA Sanctions Against Kelly

After finding that Kelly violated rule 3280, which prohibits participation in private securities transactions, and rule 2010, which requires registered members to observe high standards of commercial honor, the regulatory agency sanctioned him to a seven-month suspension and a $10,000 fine. 

During his suspension, Donovan Kelly will be barred from associating with any FINRA member in all capacities. 

Recovering Losses After Broker Misconduct

Investors harmed by broker misconduct might be entitled to compensation through a FINRA arbitration or a securities and investment fraud lawsuit. Meyer Wilson handles cases nationwide. Most claims are accepted on a contingency fee basis, meaning you pay no attorney’s fees unless we win.

Our attorneys have recovered over $350 million for investors. We provide focused, dedicated representation, only taking on a select number of cases to ensure our clients receive the highest level of service. For over 25 years, we have sought justice and won. 
If you or someone you love suffered financial loss after investing with Donovan Kelly or another broker, contact our office at (614) 532-4576 for a free consultation. All case evaluations are free of charge and without obligation to retain our services.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram