Did you lose money investing with Stephen Kelbick (CRD# 1429133)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Stephen Kelbick. If you suffered losses investing with Stephen Kelbick, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of September 17, 2020, Stephen Kelbick’s FINRA BrokerCheck Report contains the following:
Disclosure Events
3 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2017055504801
1 Employment Separation After Allegations
UPDATE 9/17/2020: According to FINRA’s October 2019 Disciplinary Actions: “Stephen Allen Kelbick (CRD #1429133, Penllyn, Pennsylvania) August 13, 2019 – An AWC was issued in which Kelbick was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 15 business days. Without admitting or denying the findings, Kelbick consented to the sanctions and to the entry of findings that he exercised discretionary trading authority and effected trades in the account of a customer at his member firm without having obtained prior written authorization from the customer or approval from the firm to treat the account as discretionary. The suspension was in effect from August 19, 2019, through September 9, 2019. (FINRA Case #2017055504801)
Current and Previous Registrations
08/23/2013 – 09/07/2017 WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616) VILLANOVA, PA
06/01/2009 – 09/04/2013 MORGAN STANLEY (CRD#:149777) BLUE BELL, PA
07/31/1993 – 06/01/2009 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) BLUE BELL, PA
02/20/1991 – 07/31/1993 LEHMAN BROTHERS INC. (CRD#:7506) NEW YORK, NY
11/20/1985 – 02/25/1991 PRUDENTIAL-BACHE SECURITIES INC. (CRD#:7471) NEW YORK, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Stephen Kelbick and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.