There are Recent Customer Complaints with Broker Masood Azad in Firm First Allied Securities, INC.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Masood Azad (Azad), previously associated with First Allied Securities, INC., has at least 5 disclosable events. These events include 5 customer complaints, alleging that Azad 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 $500,000.00 on August 05, 2021.

Claimants allege their registered representative recommended an unapproved outside securities transaction, misrepresentation, negligent supervision, and breach of contract.

FINRA BrokerCheck shows a settled customer complaint on August 28, 2020.

Claimants allege their financial adviser\\u00a0improperly solicited an investment in an unapproved outside securities transaction.\\u00a0Claimants\\u00a0allege\\u00a0unsuitability, fraud, breach of contract, negligence and breach of fiduciary duty.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $950,000.00 on February 26, 2020.

Claimant alleges her financial advisers improperly solicited an investment in an unapproved outside securities transaction. Claimant alleges unsuitability, fraud, breach of contract, negligence and breach of fiduciary duty.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $400,000.00 on February 18, 2020.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,100,000.00 on February 05, 2020.

Claimant alleges their financial adviser recommended investments that were not suitable for them. Claimants’ COAs are failure to malpractice against Azad, unsuitability, fraud, breach of contract, negligent supervision and breach of fiduciary duty against all respondents.

In the financial industry advisors must meet the requirements of the SEC’s Regulation Best Interest (Reg BI) in providing investment advice and services. Reg BI established a ‘best interest’ standard for brokerage firms and registered representatives. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts.

Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. The SEC has stated that Reg BI is drawn from fiduciary principles that are common to both brokers and investment advisors including an obligation to act in the investor’s best interest and prohibiting an advisor from placing their own interests ahead of the investor’s. There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which require brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations include three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions.

Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Using the foregoing information, the associated person then must consider reasonably available investment option to accomplish the investor’s goals as well as alternative investment options that may be cheaper or other important qualities. Finally, the advisor must conclude that there is a reasonable basis to believe that the recommendation being provided is in the investor’s best interest. In addition to specific investments being recommended, under Reg BI, a broker must also understand the type of account that their client would need in order to meet their care obligations. The SEC has stated that the type of securities account an investor has can greatly affect a customers’ costs and overall investment returns. Further, different account types can offer and support different features, products, securities, or services, and account type would not be appropriately applied in a one size fits all manner.

Azad has been in the securities industry for more than 12 years. Azad has been registered as a Broker with First Allied Securities, INC. since 2015.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.