Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kishan Parikh (Parikh), previously associated with Aegis Capital Corp., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Parikh recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on March 17, 2021.
Parikh was named a respondent in a FINRA complaint alleging that he made unsuitable recommendations and excessively traded the accounts of his customers. The complaint alleges that Parikh controlled the trading in the customers’ accounts and executed trades with a total principal value of approximately $31.1 million. Parikh’s excessive and unsuitable trading in the customers’ accounts caused combined losses of more than $33,000. At the same time, Parikh’s trading generated gross sales credits and commissions of $179,112, of which Parikh received at least $89,000. The complaint also alleges that Parikh executed trades with a total principal value of approximately $4.2 million in the accounts of customers without their prior authorization.