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Stoltmann Law Offices is investigating Kelly Althar who allegedly engaged in excessive trading (churning) in two accounts held by an elderly customer. Althar also allegedly made unsuitable recommendations. He was also charged with one count of grand theft. This is against securities rules and regulations. Churning accounts is a particularly egregious action done by a broker to generate large commissions for himself. Althar’s former firm, Financial West Group, can be sued in the Financial Industry Regulatory Authority (FINRA) forum on a contingency fee basis for investment losses. Please call our Chicago-based law firm today at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation.

According to his online FINRA BrokerCheck report, Althar was registered with Pruco Securities in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services in Wellesley Hills, Massachusetts from October 1996 until May 1997, M.L. Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition.

According to a recent Disciplinary Proceeding by the Financial Industry Regulatory Authority (FINRA), Kelly Clayton Althar allegedly engaged in excessive trading in two accounts held by an elderly customer. He also allegedly made unsuitable recommendations and overconcentrated the customer’s account in risky securities, despite the fact that the client wanted only low-risk investments. Eventually, Althar depleted most of the customer’s net worth and retirement savings. At one point, Althar made trades that caused significant losses for the customer, but resulted in $3,000 worth of commissions for himself. These are all against securities rules and regulations. Excessive trading, or churning, is a particularly egregious transgression, and is a tactic used by brokers to generate large commissions for themselves.

Althar was registered with Pruco Securities Corp in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services Company in Wellesley Hills, Massachusetts from October 1996 until May 1997, M.L. Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition.

Please call our Chicago-based securities law firm today if you suffered losses with Mr. Althar. We may be able to help you bring legal recourse against his former firm for not properly supervising him while he was employed there. The firm may be liable for investment losses. To find out how to sue his former brokerage firm in the FINRA arbitration forum on a contingency fee basis, please call 312-332-4200 today. The call is free with no obligation.

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