DAVID LINUS KELLY is currently employed as a Broker and/or Investment Adviser at COMMONWEALTH FINANCIAL NETWORK located at ONE UNIVERSITY OFFICE PARK, 29 SAWYER ROAD, WALTHAM, MA, 02453.
DAVID LINUS KELLY has worked at COMMONWEALTH FINANCIAL NETWORK since June 07, 1991
Disclosure History
DAVID LINUS KELLY has 2 Disclosure Event(s).
Date: March 12, 1996 Category: Regulatory
Date: January 25, 1996 Category: Customer Dispute Allegations: THE CUSTOMERS ALELGED THAT MR. KELLY FAILED TOQUESTION THE LIQUIDATION OF THEIR STOCK PORTFOLIO OR THEWITHDRAWAL OF FUNDS FROM THEIR ACCOUNT. TH CUSTOMER MADE THEFOLLOWING ALLEGATIONS AGINST ANDREW SHAPANKA AND COMMONWEALTHEQUITY SERVICES (`CES`): MISREPRESENTATION, BREACH OFFIDUCIARY DUTY, ACCOUNT-RELATED NEGLIGENCE, AND ACCOUNT-RELATEDBREACH OF CONTRACT. Damage Amount Requested: $878,941.36 Settlement Amount: $130,000.00 Broker Comment: MUTUAL RELEASE AND DISCHARGE OF MR. KELLY ANDCES. CES AGREED TO PAY $130,000 TO THE CUSTOMER AS A RESULT OFTHE FRAUDULENT ACTIVIES OF FORMER REPRESENTATIVE SHAPANKA. CESAND MR. KELLY DID NOT ADMIT TO ANY LIABILITY OR WRONGDOING. MR.KELLY DID NOT PARTICIPATE IN THE SETTLEMENT NEGOTIATIONS.MR. KELLY NEVER SHOULD HAVE BEEN NAMED IN THISACTION. THE CUSTOMERS` ATTORNEY FELT THAT IT WAS NECESSARY TOINCLUDE EVERY HOME OFFICE EMPLOYEE WHO HAD CONTACT WITH THECUSTOMERS. MR. KELLY IS MANAGER OF CES`S TRADE DESK, AND HISONLY CONTACT WITH THE CUSTOMERS OCCURRED WHEN HE TOOK THEIR PHONECALL INQUIRING ABOUT THE FICTITIOUS POMISSORY NOTES THATREGISTERED REPRESENTATIVE ANDREW SHAPANKA SOLD WITHOUT CES`SAPPROVAL. MR. KELLY ALSO APPROVED THE CUSTOMERS` NEW ACCOUNTFORM. THIS FORM WAS PROPERLY COMPLETED AND THE CUSTOMERS MADESEVERAL LEGITIMATE INVESTMENTS THROUGH CES ABOUT WHICH THEYHAVE NEVER COMPLAINED. THERE WAS NOTHING UNUSUAL ABOUT THECUSTOMERS` LIQUIDATION OF STOCK, AND MR. KELLY DID NOT AND COULDNOT HAVE KNOWN THAT THE CUSTOMERS WERE GIVING THEIR SAVINGS TOMR. SHAPANKA TO INVEST IN FICTITIOUS SECURITIES.
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