Financial Advisor Accused of Concentrating Investments in Business Development Companies
BIRMINGHAM, ALABAMA – Have you lost money with financial advisor Kevin McCallum of Birmingham, Alabama? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Kevin McCallum. FINRA alleged that McCallum recommended that several of his clients concentrate their investments in BDCs, or business development companies.
FINRA alleged that the investments in BDCs made by McCallum lost his investors over $1.2 million. To settle these allegations, McCallum agreed to a one-year suspension, a $25,000 fine, disgorgement of $14,000, and restitution of over $1.2 million for the BDC losses.
Kevin McCallum was a financial advisor and registered representative of LPL Financial from May 2012 to July 2019. He was also with Cadence Bank for the same time period. He worked at a branch office in Birmingham, Alabama. McCallum has been the subject of 5 customer complaints.
Brokerage firms like LPL Financial 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; Phoenix, Arizona; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Alabama in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against LPL Financial.
View FINRA AWC: McCallum, Kevin FINRA AWC
View BrokerCheck: McCallum, Kevin BrokerCheck 6.22.21
If you lost money with Kevin McCallum or LPL Financial, please CONTACT ISRAELS & NEUMAN Law Firm at (720) 599-3505 or (206) 795-5798 for a free evaluation of your case.