KELLY ALTHAR, FORMERLY OF FINANCIAL WEST GROUP, SUED BY FINRA

Have you lost money with financial advisor Kelly Althar of San Francisco, California?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Kelly C. Althar.  FINRA filed a regulatory complaint alleging that Althar made unsuitable recommendations and engaged in excessive trading (or churning) in two accounts held by an elderly customer.  FINRA alleged that Althar’s trading generated a commission-to-equity ratio of over 22% in one account and 32% in the other, meaning that the account had to generate a return of 22% and 32% respectively, just to break even from the costs of the trading.

Kelly Althar was a financial advisor and registered representative of Financial West Group from April 2011 to December 2015.  Althar also worked with Paulson Investment Company from December 2015 to May 2016.  He worked at branch offices in San Francisco and Novato, California.  Althar has been the subject of at least two customer complaints, and he also previously was charged with a count of grand theft.  He pleaded no contest to that charge, paid a $350 fine, and had 36 months of probation.

Brokerage firms like Financial West Group have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in California and the San Francisco area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

Click to view:  Althar, Kelly FINRA Complaint

Click to view: Althar, Kelly BrokerCheck 1.8.17

HAVE YOU LOST MONEY WITH KELLY ALTHAR OR FINANCIAL WEST GROUP?

             CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION

             Aaron Israels: (720) 599-3505

             David Neuman: (206) 795-5798

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.