Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Murtaza Sardharwala (Sardharwala), previously associated with First Command Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Sardharwala recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $9,122.27 on July 18, 2022.
Customer filed a complaint in the US District Court for the Eastern District of Virginia, Alexandria Division, claiming damages of $9,122.27 plus punitive fees, etc. Customer alleges that, between 2018 and 2019, defendants (including the firm and certain firm representatives) delayed in assisting him to reregister a joint account after the other joint owner passed away, which resulted in losses due to market fluctuation. On July 8, 2022, customer filed a motion to amend the above-referenced complaint to add Murtaza Sardharwala as an additional defendant on the basis that Mr. Sardharwala, in his role as vice president and attorney, allegedly directed the firm’s actions and legal responses to customer. On July 18, 2022, Mr. Sardharwala received a letter from customer advising him that customer had filed such motion with the Court. The Court did not take action with respect to such motion and the case was subsequently settled between the firm and customer on March 29, 2023.