Tony Kassaei, Centaurus Financial, Irvine, CA
FINRA Reportedly Bars Tony Kassaei after Allegations of Selling Away
According to public records, on September 22, 2020, the Financial Industry Regulatory Authority has barred Tony Kassaei from associating with any FINRA member at any time.
According to a Letter of Acceptance, Waiver and Consent, Kassaei allegedly participated in undisclosed and unapproved private securities transactions through which individuals, most of whom were customers of his member firm, invested at least $2.6 million in real-estate businesses.
FINRA’s findings stated that the owner of the real-estate businesses had previously worked with Kassaei at the firm. The firm reportedly had not approved Kassaei’s participation in these security sales, they were not recorded on the firm’s books and records, and Kassaei purportedly acted outside the regular course and scope of his employment with the firm when participating in the securities transactions.
According to FINRA, the owner pled guilty to wire fraud, admitting that he had engaged in a real-estate Ponzi scheme that caused approximately $12 million in investor losses. The individuals in whose investments Kassaei participated purportedly lost at least $1.3 million.
The owner reportedly paid Kassaei substantial sums, including at least $125,000 while he facilitated securities transactions between the owner and these individuals. In addition, in response to a specific inquiry by the firm, Kassaei allegedly claimed that he had not participated in a customer’s private securities transactions totaling $500,000.
Kassaei purportedly refused to provide information in FINRA’s investigation, and consequently was barred on September 22, 2020.
According to his FINRA BrokerCheck report, Kassaei was registered with Centaurus Financial in Irvine, CA from 2015 till 2019.
Filing a Complaint against your Brokerage Firm
When brokers abuse client accounts or conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Tony Kassaei, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
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.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
Tags: Tony Kassaei Complaint, Tony Kassaei financial advisor, Tony Kassaei FINRA, Tony Kassaei fraud charges, Tony Kassaei investigation, Tony Kassaei investment losses, Tony Kassaei Irvine CA, Tony Kassaei lawsuit, Tony Kassaei private securities transactions, Tony Kassaei selling away Last modified: October 9, 2020