Current Investigations

CMD Investigating Claims Against Kelly Althar and Financial West Group for Unsuitable Recommendations and Engaging in Excessive Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against Kelly Althar and Financial West Group for unsuitable recommendations, engaging in excessive trading (churning) and failure to supervise, particularly related to elderly customers.

According to FINRA, Kelly Althar made unsuitable recommendations and engaged in excessive trading in an elderly customer’s accounts. FINRA 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. Althar’s trading decimated the customer’s accounts, which constituted the bulk of her net worth and retirement savings. Althar exercised control over the customer’s account at his member firm. Althar rarely consulted the customer about the transactions in her accounts and made the investment decisions for her, including what to buy and sell, the quantities, and when each transaction would occur.  Althar used this control to excessively trade the accounts in a manner that was inconsistent with the customer’s investment objectives, financial situations and needs.

If you or someone you know lost money investing with Kelly Althar and Financial West Group you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

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