Our firm is investigating Tally Drew Lykins (CRD# 2439455), a financial advisor and registered representative of Money Concepts Capital Corp, working out of Columbus, Indiana, for potential investment-related misconduct.
Financial Advisor’s Career History
Based on the available registration and employment history, Tally Drew Lykins has been registered in the securities industry since the mid-1990s and has reported affiliations that include:
- Money Concepts Capital Corp (Registered Rep): 01/2023 – Present (branch office listed in Columbus, IN)
- Money Concepts Advisory Service (Investment Adviser Representative): 04/2023 – Present
- Grove Point Investments, LLC (Registered Rep): 09/2010 – 07/2022
- JCD Investments, LLC (Investment Adviser Representative): multiple periods including 11/2000 – 12/2003, 02/2004, 12/2005 – 12/2008, and 04/2009 – 07/2022
- Woodbury Financial Services, Inc. (Registered Rep): 07/2003 – 08/2010
- AXA Advisors, LLC (Registered Rep): 01/1994 – 07/2003
- The Equitable Life Assurance Society of the United States (Registered Rep): 01/1994 – 01/2000
Disclosure Events and Red Flags
Tally Drew Lykins Fraud Allegations and Investor Complaints Explained
The BrokerCheck report reflects one regulatory disclosure, one pending customer dispute, and two tax liens.
Pending FINRA Arbitration Alleging Unsuitable Illiquid DST Investments and Elder Abuse
A pending customer dispute/arbitration is reported involving DST (Delaware Statutory Trust) investments.
- Forum / Location: FINRA arbitration, Indianapolis, Indiana
- Docket/Case #: 25-01527
- Filing date: 07/28/2025
- Date complaint received: 08/04/2025
- Allegations (as reported): negligence, breach of contract, negligent misrepresentation, violations of state and federal securities laws, and elder abuse; the estate representatives also allege unsuitability tied to the deceased client’s purchase of illiquid investments.
- Alleged damages: listed as $0.00, with a note that the statement of claim seeks a full investment refund and additional damages/fees (exact amount not specified).
- Status: pending.
Regulatory Action Involving Alleged Undisclosed Outside Business Activity / Selling Compensation
The report also reflects a final regulatory disclosure initiated by the Indiana Office of the Secretary of State Securities Division, arising from alleged failures to disclose and/or obtain permission for outside business activity for which selling compensation was received.
- Date initiated: 10/09/2008
- Resolution date: 03/23/2009
- Employing firm at the time: Woodbury Financial Services, Inc.
- Restitution reported: $40,000.00
- Fraud finding indicator: the report indicates “No” as to whether it constitutes a final order based on violations prohibiting fraudulent, manipulative, or deceptive conduct.
- Additional narrative (broker-reported): described as a private sale of six shares of a company (Netwirth Communications LLC) for $40,000 that was not disclosed to the firm; the matter was resolved by consent, with the purchase price to be refunded in installments ending August 31, 2009, and with the administrative action dismissed with no findings/no sanctions (as described in the report narrative).
Tax Liens Reported as Outstanding
Two judgment/lien disclosures are reported as outstanding tax liens:
- $81,431.97 (IRS tax lien) — filed 06/17/2025, outstanding (court/location listed as Internal Revenue Service / Cincinnati, Ohio).
- $114,920.00 (IRS tax lien) — filed 01/30/2020, outstanding; broker statement notes the IRS consolidated taxes owed for 2015–2018 into one lien with a reported $1,500 monthly payment arrangement.
Disclosure Snapshot
- Customer Dispute (Pending): FINRA arbitration (Indianapolis, IN), Case #25-01527, filed 07/28/2025; allegations include unsuitability, negligence, and elder abuse tied to illiquid DST investments. (Status: Pending)
- Regulatory Event (Final): Indiana securities regulator action initiated 10/09/2008; resolved 03/23/2009; allegations involved undisclosed outside business activity / selling compensation; restitution reported at $40,000. (Status: Final/Resolved)
- Judgment/Lien (Outstanding): IRS tax liens reported outstanding in 2020 and 2025.
To obtain a copy of Tally Drew Lykins’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is implicated when a recommendation is alleged to be inconsistent with a customer’s investment profile. In a dispute alleging unsuitable illiquid DST investments, suitability analysis typically centers on whether the investor’s objectives, liquidity needs, risk tolerance, and time horizon aligned with the product’s illiquidity and risk characteristics—and whether the recommendation was reasonable under the circumstances described in the complaint.
FINRA Rule 2090 (Know Your Customer) requires reasonable diligence to understand the essential facts concerning each customer. In matters alleging negligence, misrepresentation, and elder abuse connected to illiquid investments, Rule 2090 can be relevant where the claim suggests the advisor failed to properly account for essential customer facts (including vulnerability considerations, liquidity constraints, and investment objectives) before facilitating the transactions at issue.
FINRA Rule 3270 (Outside Business Activities of Registered Persons) and related private-transaction principles (often analyzed alongside notice/approval obligations) are commonly examined when a broker is alleged to have engaged in compensated outside activity without required disclosure and firm approval. Here, the disclosed regulatory history involves allegations that the advisor failed to disclose and/or obtain permission for outside business activity connected to selling compensation and a private transaction that the report describes as not disclosed to the employing firm at the time.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.