A former Cobb County stockbroker has been sentenced to federal prison for taking more than $1.4 million of his clients’ money to pay for his own vacations and tickets to high-profile sporting events.
Sean Kelly, 50, was sentenced Thursday by Chief U.S. District Court Judge Thomas Thrash to serve five years in prison after pleading guilty in January to wire fraud and security fraud charges.
According to U.S. Attorney BJay Pak for the Northern District of Georgia, the Marietta resident was an investment advisor and stockbroker who provided financial services such as tax planning and insurance brokerage to his clients.
He encouraged clients to invest through private placements, investment funds, real estate investment trusts and annuities, Pak’s office said.
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However, prosecutors said from January 2014 to October 2018, Kelly stole more than $1.4 million from nearly 20 clients, including elderly and military veterans. He used that money to make mortgage payments, purchase Super Bowl tickets and take vacations, the federal government said.
The U.S. Securities and Exchange Commission filed a lawsuit against Kelly, and the FBI obtained a warrant for his arrest. After his prison sentence, Kelly will be required to serve three years on probation and pay $1.4 million in restitution.
“Kelly never intended to fulfill his fiduciary responsibility to his clients, which included elderly citizens and veterans,” Pak said. “As thieves like Kelly continue to try avoiding detection and covering their fraudulent methods, we will continue to catch them and prosecute them. We encourage people to thoroughly check out anyone that promises to shepherd their investments.”
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