Maurice Kelley Allegedly Failed to Act in Clients’ Best Interest

Maurice Kelley (CRD #: 6482604), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is involved in a pending dispute, according to his BrokerCheck record, accessed on December 6, 2022. Read on if you have questions about his alleged conduct as a broker.

Investor Dispute

On September 26, 2022, multiple investors alleged Maurice Kelley recommended an unsuitable investment strategy, omitted material facts, and failed to act in their best interest from August 2020 to January 2021. This dispute is pending.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their risk tolerance, tax status, and age.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other fraudulent means of influencing investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s requirements, limitations, or potential returns.

Background Information

Maurice Kelley has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Maurice Kelley is a registered broker in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands. He is also a registered investment adviser in Florida.

He has also worked for Fidelity Brokerage Services (CRD#:7784).

Kurta Law Can Help

If you worked with Maurice Kelley and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.