Meyer Wilson is investigating allegations that Alabama-based broker Kevin McCallum engaged in unauthorized trading and unsuitable purchases of risky investments. McCallum worked for LPL Financial until 2019 and has not been registered since.
McCallum has been the subject of eight customer disputes and one regulatory action. Four disputes against McCallum are currently pending and four were settled. McCallum consented to a one-year suspension by the Financial Industry Regulatory Authority (FINRA) for allegedly recommending unsuitable investments to twelve customers. According to FINRA, these unsuitable recommendations resulted in his customers’ investments being overconcentration in a high-risk business development company.
FINRA rules require brokers to obtain customer’s permission prior to making any trades on their account. Failure to do so may result in unauthorized trading. Brokers must consider enough information about the financial situations of individual customers and have a reasonable basis for believing a recommendation of a purchase or sale of an investment is suitable for you. Otherwise, they may be liable for recommending an unsuitable investment.
Firms are required to supervise the activities of brokers. If you suffered financial losses due to McCallum’s actions, you may be able to hold Kevin McCallum and LPL Financial liable. The experienced securities and investment fraud attorneys at Meyer Wilson would like to discuss your legal options with you. Please contact Meyer Wilson today for a no-cost consultation.
