Jonathan Upton: LPL Advisor Faces $250K REIT Complaint

Multiple investor complaints against Louisville, Kentucky financial advisor Jonathan Upton (CRD# 4559794) allege that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker with LPL Financial and an investment advisor with Keystone Financial Group.

Mr. Upton’s BrokerCheck report discloses several investor complaints. The most recent, filed in October 2024, alleges that as a representative of LPL Financial, he recommended unsuitable investments in real estate investment trusts (REITs) and business development corporations (BDCs). The pending complaint alleges damages of $250,000.

A second investor complaint, filed in December 2023, alleges that as an LPL Financial representative, he recommended unsuitable variable annuity and structured note products. The pending complaint alleges damages of $75,000.

In comments included with the pending complaints’ disclosures, Mr. Upton denies the allegations and describes them as meritless. “The investments about which the customers complained were recommended by another advisor,” states a comment included with the first complaint’s disclosure. “The investments about which the customers complained were suitable and were recommended based on the customers’ objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investments,” states a comment included with the second.

Keystone Financial Group’s website includes a profile of Mr. Upton that describes his experience and services. “His passion is assisting families and business owners define what makes them happy and feel fulfilled,” it explains. “He is devoted to helping them develop a plan to pursue those financial life goals and adapt to new circumstances as they develop over time.”

According to the Financial Industry Regulatory Authority, Jonathan Upton holds 20 years of securities industry experience. Based in Louisville, Kentucky, he has been registered as a broker with LPL Financial since 2007 and an investment advisor with Keystone Financial Group since 2024. His past registrations include LPL Financial and NatCity Investments. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Colorado, Florida, Illinois, Indiana, Kentucky, Mississippi, Missouri, New Mexico, New York, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. (Information current as of December 9, 2024.)

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