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Donovan Kelly: DTK Financial Advisor Suspended over Oil & Gas Notes
Donovan Kelly (CRD# 2622366), a broker and financial advisor in Billings, Montana, has been sanctioned and suspended over findings of securities industry rule violations. Financial Industry Regulatory Authority records show that he is a representative of Independent Financial Group, doing business as DTK Financial Services.
According to a Letter of Acceptance, Waiver, and Consent (No. 2020067520001) issued by FINRA in March 2022, Donovan Kelly participated in private securities transactions outside the scope of his employment with Independent Financial Group between April 2016 and July 2018. The AWC Letter states that his alleged private securities transactions involved the recommendations to 19 customers that they “purchase promissory notes in an oil and gas drilling company.” FINRA found that he also summarized the product for his investors and even helped arrange for some of them to finance the purchases through “sales and money transfers from their IFG accounts.” In total, the 19 investors invested a sum of $688,000 in the company. The group of 19, according to FINRA, including 16 of his clients at the firm, “including himself,” and three people who were not firm clients. He did not take any compensation from the promissory note investments, per FINRA, and did not provide his firm with any prior notice of his involvement in the transactions. Indeed, the AWC Letter states, he even stated on “multiple” annual firm attestations that he had not engaged in private securities transactions.
FINRA found that these actions violated FINRA Rules 3280 and 2010, issuing him a seven-month suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay a fine of $10,000.
According to the Financial Industry Regulatory Authority, Donovan Kelly has been a representative of Independent Financial Group in Billings, Montana since 2012. He does business as DTK Financial Services. His past registrations include Pacific West Securities (Billings, Montana; 2009-2012), Raymond James Financial Services (Billings, Montana; 1999-2009), Royal Alliance Associates (Jersey City, New Jersey; 1996-1999), and New England Securities (New York, New York; 1995-1996). His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is licensed in Arizona, Colorado, Florida, Idaho, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, South Dakota, Texas, Utah, Virginia, Washington, and Wyoming. (Information current as of May 17, 2022.)
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