Chris Kirkland & Kevin Kelly: Legacy Advisors Face 6-Figure Complaints

Recent investor complaints against Atlanta financial advisors Chris Kirkland (CRD# 5602044) and Kevin Kelly (CRD# 2293119) allege that they recommended unsuitable investments, resulting in six-figure damages. Financial Industry Regulatory Authority records show that each is registered as a broker and an investment advisor with Avantax, doing business as Legacy Capital Advisors.

Mr. Kirkland’s and Mr. Kelly’s BrokerCheck reports disclose the same two investor complaints. The most recent, filed in August 2023, alleges that as representatives of Avantax Investment Services, they recommended unsuitable structured notes. The pending complaint alleges damages of $585,000.

A second investor complaint, filed in August 2023, alleges that they recommended unsuitable and unauthorized structured note investments. The pending complaint alleges damages of $392,914.69.

Investors should be aware that FINRA rules prohibit representatives like Mr. Kirkland and Mr. Kelly from effecting securities transactions without customer authorization. FINRA Rule 3260, for instance, outlines specific conditions under which brokers can make discretionary trades, and forbids the exercise of discretionary authority without the customer’s prior written authorization and the firm’s written acceptance of the account as discretionary. FINRA Rule 2010, meanwhile, stipulates that FINRA-associated persons must “observe high standards of commercial honor and just and equitable principles of trade,” which generally means that they may not execute unauthorized trades. Brokers who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority, Chris Kirkland holds 14 years of securities industry experience. Based in Atlanta, Georgia, he has been a broker with Avantax Investment Services and an advisor with Avantax Advisory Services since 2021, doing business as Legacy Capital Advisors. His past registrations include LPL Financial (Atlanta, Georgia; 2010-2021) and Ameriprise Financial Services (Atlanta, Georgia; 2008-2010). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He holds 34 state licenses.

Mr. Kelly, meanwhile, holds 16 years of securities industry experience. Based in Atlanta, he has also been a broker with Avantax Investment Services and an advisor with Avantax Advisory Services since 2021, doing business as Legacy Capital Advisors. His past registrations include LPL Financial (2010-2021), Ameriprise Financial Services (2007-2010), and IDS Life Insurance Company (1992-1993). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He holds 36 state licenses. (Information current as of September 25, 2023.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.