Kevin Nevin: $400K Complaint Against Barred Edina Advisor

Former Dempsey Lord Smith financial advisor Kevin Nevin (CRD# 2460059) was recently sanctioned by the Financial Industry Regulatory Authority. FINRA records show that the former Edina, Minnesota-based broker has been barred from association with any FINRA member in all capacities.

Mr. Nevin’s BrokerCheck report discloses three recent FINRA sanctions. The first, filed in April 2021, indefinitely suspended him from acting as a broker as a result of findings he “failed to comply with an arbitration award or settlement agreement,” and will continue “until required payment is made or discharged.” A previous sanction, in April 2021, permanently barred him from association with any FINRA member firm as a result of findings he “failed to respond to FINRA request for information.” A third sanction, in 2014, suspended and fined Mr. Nevin $37,000 in connection with allegations he recommended or otherwise facilitated private placement transactions which he did not disclose to his form or record in any of its books and records. 

Multiple investor complaints are disclosed in Mr. Nevin’s BrokerCheck report. The most recent, filed in March 2020, alleged that he recommended unsuitable investments while a representative of Sandlapper Securities. The pending complaint alleges damages of $400,000.

A second investor complaint, filed in July 2016, alleged that as a representative of VSR Financial Services, he committed fraud and recommended an unsuitable Breakwater Capital Corporation promissory note. The complaint alleged damages of $50,000 and reached a settlement whose amount is not included in the disclosure.

A third investor complaint, filed in 2013, alleged that as a representative of VSR Financial Services and Capital Guardian, engaged in financial abuse, recommended unsuitable investments, and violated state securities law. In 2014 the complaint reached a settlement of $35,000.

A third investor complaint, filed in 2012, alleged that violations of the Minnesota Securities Act, fraud, misrepresentations of material facts, breach of fiduciary duty, and negligence while he was at VSR Financial Services. In 2013 the complaint reached a settlement of $361, 250.

According to the Financial Industry Regulatory Authority, Kevin Nevin holds 25 years of securities industry experience. He was most recently registered as a broker with Dempsey Lord Smith in Edina, Minnesota from 2019 until 2021. His past registrations include Sandlapper Securities, Capital Guardian, VSR Financial Services, Prospera Financial Services, Walnut Street Securities, Linsco/Private Ledger Corporation, Ascend Financial Services, CRI Securities, Equico Securities, and the Equitable Life Assurance Society of the United States. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is not currently registered as a broker or an investment advisor. (Information current as of October 1, 2022.)

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