Articles Tagged with investor fraud attorney

shutterstock_188141822-300x200According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Viqas Akhtar (Akhtar) has at least three disclosable events.  Theses events include three customer complaints alleging that Akhtar engaged in some form of investment related misconduct in the handling of the client’s accounts.  Akhtar is currently employed by National Securities Corporation (National Securities).  Akhtar’s customer complaints alleges that Akhtar recommended unsuitable investments and engaged in unauthorized trading in different investment products including private placements relating to the handling of client accounts.

In March 2020 a customer complained that Akhtar violated the securities laws by alleging that Akhtar made unsuitable investments resulting in losses in the amount of $150,000 in the account.  The claim settled for $37,500.

In March 2020 a customer complained that Akhtar violated the securities laws by alleging that Akhtar made unsuitable investments resulting in losses in the amount of $85,000 in the account.  The claim is currently pending.

In October 2019 a customer complained that Akhtar violated the securities laws by alleging that Akhtar engaged in unauthorized trading resulting in losses in the amount of $8,000 in the account.  The claim settled for $9,539.

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shutterstock_153912335-300x189The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that advisor Russell Green (Green), currently employed by Cabot Lodge Securities LLC (Cabot Lodge) has been subject to at least five customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Green’s customer complaints alleges that Mr. Green recommended unsuitable investments, among other allegations, including: churning, and misconduct relating to the handling of their accounts.

In August 2017, a customer complained that Mr. Green violated the securities laws by alleging that Mr. Green engaged in excessive trading and unsuitable recommendations.  The claim settled in the amount of $250,000.

In June 2014, Mr. Green was subject to a FINRA regulatory action. Mr. Green allegedly engaged in misconduct regarding necessary client information in connection with the deposit and sale of stock. Mr. Green consented to sanctions; he was faced with $5,000 in fines.

When brokers engage in excessive trading, sometimes referred to as churning, the broker will typically trade in and out of securities, sometimes even the same stock, many times over a short period of time.  Often times the account will completely “turnover” every month with different securities.  This type of investment trading activity in the client’s account serves no reasonable purpose for the investor and is engaged in only to profit the broker through the generation of commissions created by the trades.  Churning is considered a species of securities fraud.  The elements of the claim are excessive transactions of securities, broker control over the account, and intent to defraud the investor by obtaining unlawful commissions.  A similar claim, excessive trading, under FINRA’s suitability rule involves just the first two elements.  Certain commonly used measures and ratios used to determine churning help evaluate a churning claim.  These ratios look at how frequently the account is turned over plus whether or not the expenses incurred in the account made it unreasonable that the investor could reasonably profit from the activity.

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shutterstock_128655458The Financial Industry Regulatory Authority (FINRA) barred broker Robert Potter (Potter) (FINRA No. 2014041579901) alleging on August 10, 2015, the agency investigated allegations that Potter commingled customer funds with his personal funds and sent Potter a letter requesting that he provide documents and information by August 17, 2015. According to FINRA Potter’s counsel requested an extension of time but that later Potter’s counsel informed staff that Potter would not provide the requested documents and information. Potter failure to provide the requested documents and information resulted in an automatic bar from the industry.

Recently, the National Futures Association (NFA) also brought action against Potter alleging that there is reason to believe that NFA Requirements are being violated in that Potter is alleged to have solicited a customer to trade futures and instructed the customer to wire funds to Potter’s personal bank account. The NFA stated that Potter’s prior firm supervisor provided NFA with copies of text messages between Potter and the customer discussing the customer’s purported investment in a futures trading account. The NFA alleges that Potter acted as an unregistered futures commission merchant by having the customer wire funds to Potter’s personal bank account, that Potter converted the customer’s funds, and that Potter lied to the customer about the value of the customer’s supposed investment.

Potter entered the securities industry in June 1983. From December 2005, until August 2011, Potter was registered with Wells Fargo Advisors, LLC. Thereafter, from August 2011, until August 2015, Potter was a registered representative with Cambria Capital, LLC out of the firm’s Salt Lake City, Utah office location.

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