Advisor Alert: Our Attorneys Are Investigating Kevin Marshall McCallum For Investment Fraud
Did You Lose Money Because of Kevin McCallum?
Filed: November 6, 2023
Kevin McCallum has been the subject of one (1) regulatory event and nine (9) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Kevin Marshall McCallum.
Who Is Kevin Marshall McCallum?
- Advisor Name: Kevin Marshall McCallum
- Aliases: Kevin McCallum
- CRD: 2222586
- Location: Birmingham, Alabama
- Current Employer: Currently Not Registered
- Previous Firms: LPL Financial LLC, NBC Securities, Inc., and Colonial Brokerage, Inc.
- Number of Known Customer Complaints: 9
- Number of Known Regulatory Events: 1
- Can Kevin McCallum Be Sued: Yes, in Private Arbitration
- Can Kevin McCallum’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $4,800,000
- Highest Settlement: $2,500,000
If you have suffered investment losses by Kevin McCallum, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Kevin McCallum For Broker Misconduct
As of this publication date, Kevin McCallum has been the subject of 1 regulatory event and 9 customer disputes. Let’s review them below.
In April 2022, a FINRA arbitration was filed against or in reference to Kevin McCallum by a customer of LPL Financial LLC alleging that between May 2017 and May 2020, McCallum used his discretion to make concentrated investments in the customer’s account in a publicly traded BDC that was inappropriate for the customer’s investment objectives. Per the customer, he/she lost over $1,112,145.79 because of Mr. McCallum’s actions. On November 9, 2022, Mr. McCallum settled the claim for $1,059,769, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In December 2021, a FINRA arbitration was filed against or in reference to Kevin McCallum by multiple customers of LPL Financial LLC alleging that between 2016 and 2020, McCallum made concentrated investments in customers’ accounts in a publicly traded BDC and engaged in options trading that were inappropriate for the customers’ investment objectives. Per the customers, they lost over $725,650 because of Mr. McCallum’s actions. On March 23, 2023, Mr. McCallum settled the claim for $200,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In October 2021, a complaint was filed against or in reference to Kevin McCallum by a customer of LPL Financial LLC alleging that between 2015 and 2019, McCallum made discretionary investments and concentrated customer’s accounts in Medley Capital Corporation. Per the customer, he/she lost over $5,000 because of Mr. McCallum’s actions. On December 13, 2021, Mr. McCallum settled the claim for $13,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In August 2021, a FINRA arbitration was filed against or in reference to Kevin McCallum by a customer of LPL Financial LLC alleging that between late 2016 and late 2018, McCallum made discretionary investments and concentrated his account in a non-diversified, closed end management company that was not consistent with his investment objectives. Per the customer, he/she lost over $4,000,000 because of Mr. McCallum’s actions. On January 9, 2023, Mr. McCallum settled the claim for $2,500,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In June 2021, FINRA initiated a regulatory action against or in reference to Kevin McCallum. Without admitting or denying the findings, McCallum consented to the sanctions and to the entry of findings that he made unsuitable recommendations to 12 customers, resulting in their overconcentration in a high-risk, publicly-traded business development company (BDC).
In December 2020, a FINRA arbitration was filed against or in reference to Kevin McCallum by multiple customers of LPL Financial LLC alleging that between October 2017 through December 2018 McCallum made discretionary investments and concentrated their accounts in a non-diversified, closed end management company that was not consistent with their investment objectives. Per the customers, they lost over $4,800,000 because of Mr. McCallum’s actions. On March 16, 2022, Mr. McCallum settled the claim for $1,900,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In November 2020, a FINRA arbitration was filed against or in reference to Kevin McCallum by a customer of LPL Financial LLC alleging that between February 2018 through December 2018 McCallum made unsuitable investment recommendations and concentrated claimant’s accounts in Medley Capital Corporation. On May 6, 2022, Mr. McCallum settled the claim for $339,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In October 2020, a FINRA arbitration was filed against or in reference to Kevin McCallum by a customer of LPL Financial LLC alleging that between October 2018 and December 2018 McCallum made unsuitable investment recommendations and concentrated claimants’ accounts in Medley Capital Corporation. On October 5, 2021, Mr. McCallum settled the claim for $130,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In November 2019, a FINRA arbitration was filed against or in reference to Kevin McCallum by a customer of LPL Financial LLC alleging that between 2011 and 2019, McCallum made unauthorized and unsuitable purchases of thinly traded shares of medley capital corporation resulting in more than 50% concentration in the customer’s account. On January 4, 2021, Mr. McCallum settled the claim for $70,000, and some or all of this amount may have been paid by Mr. McCallum’s employer and/or insurance carrier.
In April 2019, a FINRA arbitration was filed against or in reference to Kevin McCallum by multiple customers of LPL Financial LLC alleging that between 2012 and the present, Mr. McCallum engaged in fraudulent transactions and risky investments, including the unauthorized use of margin. Per the customers, they lost over $2,200,000 because of Mr. McCallum’s actions. An arbitration panel found that Mr. McCallum was negligent and awarded $500,000 in favor of the customers.
How To File A Claim Against Kevin McCallum (previously with LPL Financial LLC, NBC Securities, Inc., and Colonial Brokerage, Inc.) To Get Your Money Back.
If you have questions about Kevin McCallum, LPL Financial LLC, NBC Securities, Inc., Colonial Brokerage, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.