Advisor Alert: Our Attorneys Are Investigating Michael J. Kelley For Unsuitable Investment Recommendations

Last Updated: February 2025 (Indianapolis, IN)

National securities fraud attorneys at Patil Law P.C. are investigating LPL Financial LLC and Charter Advisory Corporation broker Michael J. Kelley (CRD #1021878) regarding allegations of unsuitable investment recommendations and misrepresentation of investment products. The investigation stems from a recently filed FINRA arbitration claiming $2 million in damages during the period of 2003-2023.

Critical Insights About Indianapolis Financial Advisor Michael J. Kelley

• Advisor Name: Michael J. Kelley
• CRD: 1021878
• Current Location: Indianapolis, IN
• Current Employers: LPL Financial LLC and Charter Advisory Corporation
• Classification: Registered Representative & Investment Adviser Representative
• Professional Designations: Certified Financial Planner (CFP)
• Customer Disputes: Two customer complaints (one pending, one denied)
• Current Registrations: Licensed in 53 states and territories
• Years of Experience: Since 1982
• Previous Employers: Mutual Service Corporation (1999-2009), Titan/Value Equities Group (1985-1999)
• Professional Qualifications: Series 7, 63, 24, and SIE licenses

Details Of Current Investigation

A FINRA arbitration filed in August 2023 alleges:

• Sale of unsuitable investment products
• Misrepresentation of product features and fees
• Conduct spanning 2003-2023
• Damages alleged at $2,000,000
• Products involved include variable annuities and mutual funds
• FINRA Case Number: 24-00468

Analysis Of Alleged Misconduct

The allegations raise serious concerns about:

• Investment suitability standards
• Product disclosure practices
• Fee transparency
• Long-term client relationship management
• Fiduciary duty obligations
• Risk assessment procedures
• Documentation of investment objectives

Regulatory Framework And Investor Protection

SEC Regulation Best Interest (Reg BI) requires:

• Full disclosure of all material facts
• Reasonable basis for recommendations
• Documentation of suitability
• Clear communication of risks and fees
• Client best interest prioritization
• Regular account review and monitoring

Professional Background

Mr. Kelley’s 40+ year career includes:

• Entry into securities industry in 1982
• Principal/Supervisory qualifications since 1986
• Current dual registration with LPL Financial and Charter Advisory
• Operation of multiple business entities
• Insurance and investment advisory services
• Certified Financial Planner designation

Red Flags For Investors

1. Current pending arbitration with significant damages
2. Variable annuity sales practices
3. Long-term conduct allegations
4. Multiple business affiliations
5. Complex product recommendations
6. Fee structure concerns
7. Suitability questions
8. Disclosure practices

Implications For Current And Former Clients

Current and former clients should:

• Review all account statements
• Examine investment objectives
• Verify fee disclosures
• Analyze portfolio performance
• Check product suitability
• Document communications
• Assess risk tolerance alignment
• Review annuity contracts

Patil Law P.C. Will Help You Recover Your Investment Losses

If you were a client of Michael J. Kelley and have concerns about your investments or believe you received unsuitable recommendations, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.