FINRA Bars Broker Kevin Mark Nevin From Acting as a Broker
Broker Kevin Mark Nevin, a previously registered broker and investment advisor, has been barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or other associating with any broker-dealer firm. BrokerCheck has published the details of the barring on its website.
Regulatory Action Involving Kevin Mark Nevin
On July 21, 2021, FINRA initiated regulatory action against Nevin. The agency alleged that the broker failed to comply with an arbitration award or settlement agreement or did not adequately respond to FINRA’s request for details about his status of compliance. The action resulted in an order for Nevin’s indefinite suspension in all capacities.
Prior to this suspension, FINRA had sought Nevin’s suspension under the same terms, pursuant to Article VI, Section 3 of FINRA By-Laws and FINRA Rule 9554. The matter was resolved on July 30, 2021, with the broker being permanently barred from any association with any FINRA member in all capacities.
A third disclosure from FINRA reports allegations surrounding Nevin’s time of employment with VSR Financial Services. According to the allegations, the broker’s customers invested $690,000 in private placements. Allegedly, Nevin made the transactions directly with the issuer, receiving $37,000 in commissions for his role. The allegations further state that the broker failed to notify his firm in writing of the intended investments in private placements. The transactions were therefore not recorded or supervised.
FINRA initiated action and resolved this case against Nevin on May 23, 2014. Besides accepting a six-month suspension, Nevin was fined $37,000, which represented disgorgement of his commissions in these transactions.
On January 26, 2021, Dempseylord Smith had discharged Nevin for failing to request approval before sending clients consolidated statements—a violation of the firm’s policies and procedures.
Pending Customer Disputes Involving Nevin
On March 25, 2020, Sandlapper Securities reported to FINRA allegations that Nevin had made unsuitable investments. The action seeks actual and compensatory damages of $400,000 and has evolved into arbitration/reparation proceedings with the Commodity Futures Trading Commission (CFTC).
Settled Customer Disputes Involving This Broker
Nevin’s BrokerCheck report includes three disclosures of customer disputes.
On July 13, 2016, both Nevin and his employer at the time, VSR Financial Services, reported allegations against the broker of unsuitability, common law fraud, breach of contract, and breach of fiduciary duty. The customer in this case complained about events that occurred in 2008, but the matter was resolved via arbitration. The firm was advised that the matter had settled, but no information about the amount or other details of the settlement were given.
In 2014, VSR Financial Services and Capital Guardian reported allegations of Nevin’s financial abuse, unsuitability, violation of the Minnesota Financial Planner Statute and Minnesota Securities Laws, as well as security and fraud. The alleged events for these activities spanned from December 2010 to March 2013. The matter was resolved with monetary compensation in the amount of $35,000, with Nevin contributing $30,000 of this amount.
Capital Guardian, LLC, further reported filing of an action through the Securities Exchange Commission on June 11, 2013. This centered on allegations of inappropriate handling of variable annuity contracts from February 2012 to January 2013. The case was updated to a FINRA arbitration, and the claim was eventually amended to include the alleged cost of lost investment opportunity related to account transfer.
Alleged damages totaled $150,000, and the final monetary compensation amount issued was $35,000, with Nevin contributing $10,000 of this amount.
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