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 (800) 738-1960 for a free, no-obligation consultation.
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.
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.
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 (800) 738-1960 for a free consultation. All case evaluations are free of charge and without obligation to retain our services.