Royal Alliance Associates

New York, NY: (Feb-27-07) The state Banking Department sued New York broker-dealer, Royal Alliance Associates, accusing them of fraud. The suit stemmed from an investigation of a former Stamford branch manager Kevin Kelley, convicted of defrauding senior citizens of more than $4 million. A federal jury in New York, who convicted him of four counts of securities fraud and three counts of wire fraud, imprisoned him. The settlement permanently bars Kelley from acting as an investment adviser in Connecticut. The order also assesses Royal Alliance a $750,000 administrative penalty. [WTNH NEWS: BROKER FRAUD]

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