Last Updated: December 2024 (Indianapolis, IN)
Michael Kelley Investigation Summary
Here’s what you need to know about Indianapolis, IN, stockbroker Michael Kelley:
- Name: Michael Joseph Kelley
- Current Employer: Charter Advisory Corporation and LPL Financial LLC
- Function: Stockbroker / Financial Advisor
- Aliases: Michael J. Kelley
- Primary Location: Indianapolis, IN
- CRD: 1021878
- Can Michael Kelley be sued in FINRA arbitration? Yes
- Pending Customer Dispute Seeks Damages: $2,000,000
- Certified Financial Planner: Yes
If you’ve sustained damages from Mr. Kelley, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Kelley As Your Stockbroker?
A pending FINRA arbitration, filed on March 5, 2024 (Docket #24-00468), alleges that Michael Kelley recommended unsuitable investments in variable annuities and mutual funds between 2003 and 2023. The customer is seeking damages of $2,000,000, citing misrepresentation of products and associated fees. These allegations may violate FINRA Rule 2111, which requires brokers to ensure all recommendations are suitable for their clients’ financial objectives and needs.
FINRA Rule 2111- suitability – Regulation Best Interest
FINRA Rule 2150 (b) states– “No member or person associated with a member shall guarantee a customer against loss in connection with any securities transaction or in any securities account of such customer.”
Additionally, a previous dispute in 2003 alleged unsuitable advice regarding the exchange of a variable annuity, with claimed damages of $25,193. This claim was denied and closed without action on March 30, 2004.
Allegations of Broker Misconduct Against Michael Kelley
Customers and regulatory agencies have alleged the following misconduct against Michael Kelley:
- Unsuitable Investment Recommendations: Allegations include inappropriate advice on variable annuities and mutual funds, potentially breaching FINRA Rule 2111.
- Misrepresentation of Products and Fees: The pending arbitration claims Mr. Kelley failed to disclose the true costs and risks associated with recommended products.
- Historical Customer Complaints: A prior allegation involved a variable annuity exchange deemed unsuitable, though no action was taken by that customer.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Michael Kelley, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.
