Securities Lawyers Blog
Currently financial advisor Shaw Elashmawy (Elashmawy), currently employed by brokerage firm Maxim Group LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $300,000.00 on July 23, 2024.
The statement of claim brought on behalf of six separate claimants alleges unsuitable recommendations, misrepresentation and breach of fiduciary duty in connection with the purchase of a private placement. Mr Elashmawy was not the registered representative for each of the six separate claimants. The statement of claim alleges over $300,000 in compensatory damages.