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Written by 4:06 pm Blog, Securities Fraud Articles

Azim Nakhooda Fined by FINRA

Have you suffered investment losses as a result of your dealings with Azim Nakhooda and Cedar Brook Financial Partners? If so, White Law Group may be able to recover some of your investment losses through a FINRA arbitration claim.

According to Cleveland.com, one of the principals of Cedar Brook Financial Partners, a wealth management firm in Ohio, was suspended and fined by the Financial Industry Regulatory Authority (FINRA). Former Securities America financial advisor, Azim Nakhooda, received a nine-month suspension and $50,000 fine.

FINRA alleged that Nakhooda and his colleagues made false and misleading statements about IMH Fund and Medical Capital Holdings. MedCap was shut down for fraud by the SEC in 2009. In addition, FINRA alleged Nakhooda altered three customer accounts by falsifying the customers net worth. As a result the customers’ portfolio in high-risks fund appeared to fall within limits set by Cedar Brook, when in fact the portfolio was over concentrated.

In addition, Cleveland.com reports that FINRA accused Nakhooda of sending emails to customers that contained “material misrepresentations” regarding the liquidity of IMH Fund and Medcap. “Nakhooda said he agreed to a settlement so he could move on.”

Brokerage firms have a responsibility to monitor the business actives of their registered representatives. When brokers, like Nakhooda, operate a business outside of the firm and violate securities laws or FINRA’s regulations, the firm may be liable for negligent supervision and responsible for investment losses.

According to BrokerCheck, Nakhooda is currently registered with Securities America and previously worked with the firm from 08/2005 – 03/2013.

To determine whether you may be able to recover investment losses incurred as a result of your dealings with Azim Nakhooda, please contact The White Law Group at (312) 238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

To learn more about The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

Tags: , , , , , , , , , Last modified: July 17, 2015