Barred Broker: Former Paulson Investment Company LLC Financial Advisor Kelly Clayton Althar
Posted on Tuesday, May 9th, 2017 at 3:33 pm
Erez Law is currently investigating former Paulson Investment Company LLC financial advisor Kelly Clayton Althar (CRD# 2666723) regarding unsuitable recommendations and excessive trading. Althar was registered with Paulson Investment Company LLC in Novato, California from 2015 to 2016. Previously, he was registered with Financial West Group in San Francisco, California from 2011 to 2015.
In January 2017, FINRA has barred Althar from acting as a broker or otherwise associating with firms that sell securities to the public. According to the complaint, it is alleged that Althar, “made unsuitable recommendations and engaged in excessive trading in two accounts held by an elderly customer. The complaint alleges that Althar engaged in high volume trading to generate commissions and over concentrated the customer’s accounts in risky securities, despite the fact that the customer was close to retirement and wanted only low risk investments.” It is alleged that Althar engaged in “high-volume trading to generate commissions and over- concentrated the customer’s accounts in risky securities,” exercised with his de facto control over the customer’s accounts. Althar’s actions “decimated the customer’s accounts,” according to Althar’s CRD report.
Althar has been the subject of two customer complaints in 2014, one of which was denied, according to the CRD report:
April 2014. “Lack of performance, unsuitablity (sp), frequent trading 11/2012 – 04/2014.” The customer sought $146,991 in damages and the case was settled for $60,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Paulson Investment Company LLC may be liable for investment or other losses suffered by Althar’s customers.
Erez Law represents investors in the United States for claims against former Paulson Investment Company LLC financial advisor Kelly Clayton Althar, who is alleged to and unsuitable recommendations and exercise excessive trading. If you were a client of former Paulson Investment Company LLC financial advisor Kelly Clayton Althar or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.