Kevin Nevin, Formerly of Sandlapper Securities, Named in a Customer Dispute Alleging Unsuitable Investment Recommendations

The customer is seeking $400K in damages for Nevin’s alleged misconduct.

The Sonn Law Group is investigating allegations that Kevin Nevin made unsuitable investment recommendations. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Kevin Nevin (CRD#: 2460059) is currently a broker with Dempsey Lord Smith in Edina, Minnesota, where he has been employed since May 2019. Previously, Nevin was registered with Sandlapper Securities from 2015 until 2019. From 2011 until 2014, Nevin was a broker with Capital Guardian, who has since been expelled by FINRA.

Nevin has six disclosures on his BrokerCheck report.

March 2020 Customer Dispute

• Status: Pending
• Allegations: “Unsuitable Investments”
• Damage Amount Requested: $400,000.00

September 2016  Customer Dispute

• Status: Settled
• Allegations: “Unsuitability, Common Law Fraud, Breach of Contract, Breach of Fiduciary Duty”
• Damage Amount Requested: $50,000.00
• Broker Comment: “Pursuant to FINRA Rule 12206(a) which states: No claim shall be eligible under the code where six year have elapsed from the occurrence or event giving rise to claim. The transaction in question occurred in 2008. 6/7/2018-The filing firm was notified of a disclosure review letter on 5/12/3018, the firm tried to find out information on the status of the arbitration. The firm was finally told by the dispute resolution that the arbitration had settled but was told nothing else. The firm nor the rep know any details of the settlement, this includes but is not limited to the amount of the settlement.”
  

May 2014 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: “Without admitting or denying the findings, Nevin consented to the sanctions and to the entry of findings that his customers at his member firm invested a total of $690,000 in private placements. The findings stated that these transactions were made directly with the issuer, and the firm had no involvement. Nevin recommended or otherwise facilitated all of these transactions. For Nevin’s role in the transactions, he received a total of approximately $37,000 in commissions. The findings also stated that Nevin did not give his firm prior written notice of his customers’ intended investments in the private placements. As a result, the firm never approached Nevin’s participation in those transactions, did not record any of the transactions on its books and records, and did not supervise Nevin’s activity with respect to the transactions.”
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount: $37,000.00
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Start Date: 6/2/2014
• End Date: 12/1/2014
• Sanctions: Fined $37,000, which constitutes disgorgement of all commissions.     

August 2013 Customer Dispute

• Status: Settled
• Allegations: “Inappropriate handling of variable annuity contracts from February 2012 to January 2013. Item originally filed through the SEC on June 11th, 2013, and then updated to a FINRA arbitration including VSR Financial on August 14th, 2013, with notice to Capital Guardian provided on August 26th, 2013. Claim amended September 25th,2013 to include alleged cost of lost investment opportunity related to account transfer.”
• Damage Amount Requested: $150,000.00
• Settlement Amount: $35,000.00
• Broker Comment: “Claim was initiated by an ex-spouse. This settlement was reached for the purposes of avoiding the inconvenience of litigation for all parties involved and is not an admission of liability or fault in this matter.”

February 2012 Customer Dispute

• Status: Settled
• Allegations: “Alleged violation of Minnesota Securities Act, common law fraud, misrepresentation, breach of fiduciary duty, and negligence. Activities dated May 2006-June 2010.”
• Damage Amount Requested: $555,000.00
• Settlement Amount: $316,250.00
• Broker Comment: “Kevin Nevin was not named as a respondent in this claim of alleged violation of MN Securities Act, common law fraud, misrepresentation, breach of fiduciary duty and negligence. Activities dated May 2006-June 2010. $400,000 of the $555,000 of the alleged compensatory damage amount was additional investment in a real estate development bridge loan that Nevin advised [customer] to not participate in. [Customer] against Nevin’s advice, invested the additional $400,000 without Nevin’s knowledge.”

March 2010 Customer Dispute

• Status: Withdrawn
• Allegations: “Customer alleges poor recommendation, poor service and poor performance..”
• Damage Amount Requested: $73,000.00
• Broker Comment: “Complaint withdrawn 4/24/2010. Client wished to formally withdraw complaints. His intention was to vent anger during the economic crises, not to file a complaint or request any compensatory damages.”

Contact Us Today

The Sonn Law Group is currently investigating allegations that Kevin Nevin recommended unsuitable investments.  We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.