Donovan Kelly – Broker/Financial Advisor Suspended for Recommending Private Placement Purchases in Oil & Gas Company Promissory Notes | Goodman & Nekvasil P.A., May Recover Investor Losses
Donovan Kelly a/k/a Donovan Thomas Kelly is a licensed broker with INDEPENDENT FINANCIAL GROUP, LLC., CRD#: 7717
FINRA Suspends Donovan Kelly
Facts and Violative Conduct
This matter originated from a tip to FINRA Securities Helpline for Seniors.
Between April 2016 and July 2018, Kelly participated in private securities transactions outside the regular course or scope of Kelly’s employment with IFG by recommending 19 investors to purchase promissory notes in an oil and gas drilling company, summarizing the investment for the investors, and arranging for some of the investors to fund the purchases through sales and money transfers from their IFG accounts. The promissory notes were securities. Collectively, these 19 individuals invested $688,000 in the company. These investors consisted of 16 of his IFG customers, including himself, and 3 other individuals who were not IFG customers. Kelly did not receive compensation for the investments. Kelly failed to provide any written or other form of notice to IFG prior to his participation in these transactions. Further, when asked on multiple annual firm attestation forms whether he had participated in private securities transactions, Kelly answered “no.” Therefore, Kelly violated FINRA Rules 3280 and 2010.
Donovan Kelly also consented to the imposition of the following FINRA sanctions:
A seven-month suspension from associating with any FINRA member in all capacities and a $10,000 fine.
Goodman & Nekvasil, P.A. May Recover Investor Losses
If you lost money on investments with Donovan Kelly and believe the investments may have been unsuitable, unapproved, or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Donovan Kelly’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for almost 40 years. Goodman & Nekvasil, P.A. has recovered more than $250 million on behalf of victimized investors. If you lost money on investments with Donovan Kelly and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 3/17/22 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.