Investors Sue Aegis Capital For Breach Of Fiduciary Duty

Attorneys for Victims of Financial Elder Abuse

Thomas Edison Kelly Jr. of New York New York a stockbroker currently registered with Aegis Capital Corp is the subject of a customer initiated investment related arbitration claim in which the customer requested $50,668.00 in damages based upon allegations of the breach of fiduciary and contractual obligations as well as Kelly’s sale of unsuitable securities to the Aegis customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00036 (Jan. 2, 2020).

FINRA Public Disclosure reveals that Kelly has been referenced in fourteen more customer initiated investment related disputes concerning accusations of his improprieties while associated with securities broker dealers including National Securities Corp. On March 16, 2018, a customer filed an investment related complaint involving Kelly’s conduct in which the customer requested $98,575.00 in damages based upon allegations of unauthorized structured product transactions.

On November 1, 2018, a customer filed an investment related arbitration claim in reference to Kelly’s conduct where the customer sought $500,000.00 in damages based upon accusations of Kelly’s transactions being unsuitable for the National Securities Corp customer. FINRA Arbitration No. 18-03719. According to the claim, trades were neither appropriate nor authorized. A fiduciary duty that was owed to the customer had allegedly been breached by Kelly. The claim also alleges that the customer’s losses on over-the-counter equities and common and preferred stock were caused by the stockbroker’s negligence.

Kelly is referenced in a customer initiated investment related complaint which was settled on February 14, 2019 for $12,000.00 in damages based upon allegations that trades were effected in the customer’s account on an excessive basis by Kelly while he was associated with National Securities Corp. On March 14, 2019, another customer initiated investment related arbitration claim concerning Kelly’s activities was resolved for $30,000.00 in damages founded on accusations of breach of fiduciary duty and misrepresentation pertaining to equities transactions executed during the period in which Kelly was employed by National Securities Corp. FINRA Arbitration No. 18-06639.

The stockbroker is also referenced in a customer initiated investment related arbitration claim where the customer sought $4,200,000.00 in damages founded on accusations that transactions executed by Kelly were unsuitable for the National Securities Corp customer and that the stockbroker’s trades were executed without the customer’s permission. FINRA Arbitration No. 19-00301 (Mar. 25, 2019).

Kelly has been referenced in an additional customer initiated investment related arbitration claim which was settled for $200,000.00 in damages supported by allegations of unsuitable investment recommendations as well as the breach of a contract and a fiduciary duty by Kelly. FINRA Arbitration No. 18-02816 (Nov. 5, 2019). The claim also alleges that misrepresentations and omissions had been made in reference to over-the-counter equities transactions. On February 26, 2020, another customer filed an investment related arbitration claim involving Kelly’s conduct in which the customer requested $33,000.00 in damages based upon allegations of false or misleading statements as well as unsuitability and negligence. FINRA Arbitration No. 20-00636 (Feb. 26, 2020).

Kelly’s registration with National Securities Corp has been terminated as of May 7, 2018. He has been associated with Aegis since May 10, 2018.